Episode 877: Holding the Federal Reserve Accountable

Newt's World

Gingrich 360

News, Politics

4.7 • 6.3K Ratings

🗓️ 3 August 2025

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Newt talks with Andrew Levin, Professor of Economics at Dartmouth College, about his recent policy brief, “The Federal Reserve Should Welcome the Appointment of an Independent Inspector General.” They discuss the controversial $3 billion dollar renovation project at the Federal Reserve Building, highlighting the ballooning costs and luxurious upgrades such as glass atriums and rooftop gardens. Levin argues for increased accountability, suggesting the appointment of an independent Inspector General and greater Congressional oversight. He emphasizes the need for transparency and reform within the Federal Reserve, comparing its practices to other central banks and federal agencies. They also discuss the Fed's monetary policy, its independence, and the lack of dissent among its board members, calling for a shift in culture and leadership. Levin proposes practical reforms, including integrating the Fed's budget into the federal budget process and appointing a presidentially confirmed Inspector General to ensure accountability and transparency.

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Transcript

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0:00.0	This is an IHeart podcast.
0:08.7	On this episode of Nuts World, on Thursday, July 24th,
0:14.0	President Trump, along with Senator Tim Scott,
0:16.6	chairman of the Senate Banking Committee,
0:18.8	visited the Federal Reserve Building,
0:24.9	taking a tour of the $3 billion construction project underway.
0:28.9	They were accompanied by Federal Reserve Chairman Jerome Powell.
0:34.8	At a press conference after the tour, they discussed the ballooning cost of the project.
0:41.3	The renovation project has soared from $1.9 billion to $3 billion in construction cost in recent years. So just what are your taxpayer dollars buying? Well,
0:49.4	some of the upgrades, including glass-enclosed patronsriums, rooftop gardens for the exclusive use of its
0:57.5	officials and staff. In his recent policy brief, the Federal Reserve should welcome the appointment
1:03.9	of an independent inspector general. Andrew Levin details why the Fed's headquarters is like building, quote, a Versailles Palace on the National Mall.
1:15.0	I'm really pleased to welcome my guest, Andrew Levin.
1:17.9	He is a professor of economics at Dartmouth College.
1:20.8	He worked at the Federal Reserve Board for two decades, including two years as a special advisor on monetary policy strategy and communications.
1:29.5	Andrew, welcome and thank you for joining me in New World.
1:44.8	What's great to be with you?
1:46.4	Before we dive in, tell me how you got to the Federal Reserve and what your years there were like.
1:52.6	I started there in 1992. This was in the Greenspan era, and over the course of the 90s,
2:00.2	Alan Greenspan was considered the maestro, and later he was And over the course of the 90s, Alan Greenspin was considered the maestro.
2:03.1	And later he was even called the savior of the world because the U.S. economy got pretty unscathed through the Asian financial crisis in the late 90s.
2:12.7	And there was a Russian bond default. But Roger Ferguson was the vice chair and I come from a management
	...

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