Congress, the President, and the Federal Reserve is a study of the politics of monetary policymaking at the Federal Reserve. The Federal Reserve is widely considered the most important and most powerful federal bureaucracy. Ostensibly, the Federal Reserve is independent of the political branches of the government; however, as Congress, the President, and the Federal Reserve clearly demonstrates -- from both a theoretical and an empirical standpoint -- the preferences of the president and members of Congress impact decision making at the Fed. The theoretical framework presented in the text also helps to explain the political dynamics of several of the most significant policy decisions of the Federal Reserve during the last half-century. In addition, this book provides a unique perspective on the manner in which Fed policymakers attempt to shield themselves from unwelcome political influence. While the main focus of Congress, the President, and the Federal Reserve is monetary policy-making, it also speaks to the political nature of policy-making in a more gen