Welcome back to Gray Matters, the podcast of the Seaboard and Grey Center for the study of the administrative state. I'm Jace Lington, the Gray Center's Policy and Strategy Director.

Today, I'm excited to share with you another episode I had hoped to publish last fall.

The second panel from our October conference focused on the Federal Reserve and Presidential Power.

Thankfully, the discussion remains relevant as we await the Supreme Court's decision in Trump v. Cook later this year. Moderated by the Gray Center's Adam White, the conversation featured perspectives from

Sarah Bender of the Brookings Institution, Jonathan Macy of Yale Law School, and Aaron Nielsen from

the University of Texas. Enjoy. Well, welcome back, everybody. This is our second session

titled the Federal Reserve and Presidential Power, somewhat picking up from the previous conversation.

Now, needless to say, the Central Bank of the United States has been a central feature of federal

government since almost the very beginning, one of Alexander

Hamilton's main concerns. And throughout much of the 19th century and practically all the 20th

century and beyond, the Federal Reserve has been a significant part of the federal government.

But in some ways, it is more central than ever, both in its powers and its place in American politics.

It's always lingered in the background of recent Supreme Court cases and other cases involving independent agencies,

especially financial regulatory agencies. But now, of course, the Federal Reserve is front and center,

both in political debates and in litigation, now litigation around President Trump's attempted firing of Lisa Cook, one of the members of the Federal Reserve's Board of Governors.

We are very, very grateful to be joined by our three experts today to have a conversation about the Federal Reserve.

Now let me introduce our three guests. I'll start at the other end of the table, Sarah Binder.

Sarah is a senior fellow in governance studies at the Brookings Institution, and she's also a

professor of political science at George Washington University. She's a great scholar on many aspects of the federal government

and Congress. But for today's purposes, I think the most important thing to point out is her

work on the Fed. She's the co-author of a really great book titled The Myth of Federal Independence,

How Congress Governs the Fed. Sarah, thanks for joining us. Sir. Seated next to me is Jonathan Macy.

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