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The deeper problem with this argument gets at one of the most fascinating, least discussed dynamics of the Fed: the fact that it is an extraordinarily top-heavy institution, perhaps more than any part of the federal executive branch. 

The cloistered, out-of-touch nature of Fed leadership derives mostly from its obscure senior staff members. And if one asks who sets the direction for them, one finds a fascinatingly top-heavy organizational structure.

President Biden has failed to live up to his promise to progressives to be a climate president. U.S. emissions continue to rise. Last week, 23 unique plant and animal species were declared extinct. A catastrophic pipeline oil spill in California is actively killing fish, birds, and wetland ecosystems. And in violation of treaty rights that are constitutionally the supreme law of the land, Biden allowed Enbridge’s Line 3 tar sands pipeline to become operational on October 1, which will add emissions equivalent to 50 new coal-fired power plants and will inevitably spill. Biden is standing in support while water protectors are violently arrested and the Anishinaabe peoples living in the path of the project are terrorized and abused.

“The malfeasance already in the public record is staggering. For the sake of government integrity, the public must learn how deep the rot goes at Powell’s Federal Reserve.”

The Revolving Door Project makes a point of watching independent agencies, those oft-overlooked entities, closely. As a result, we’ve had reason to give a great deal of thought to the purpose and meaning of “independence” in the agency context. As “independence” is invoked as a shield in other settings, that thinking may prove instructive. 

Alumni of Gibson Dunn, the law firm that helped Chevron go after Steven Donziger, have influential executive branch jobs under Biden.

“Drastic action is necessary, because the prevailing assumption that what is going on at the Fed is a string of harmless, sloppy errors strikes us as wildly unsupported by the facts.”

Powell neglected to mention that he’d personally purchased shares that year in several actively-managed municipal bond funds, as a Revolving Door Project review of the Fed Chair and Vice Chairs’ 2020 financial disclosure forms shows.

Despite pledging to address the homelessness crisis, the president has not prioritized staffing HUD with housing policy personnel.

We write to you as a broad coalition of organizations committed to holding corporations that engage in anti-competitive behavior accountable. For far too long, Washington has sat by as technology industry giants have accumulated monopoly power at the expense of consumers and competitors alike. The nomination of Jonathan Kanter to serve as Assistant Attorney General for the Department of Justice Antitrust Division is a strong step toward turning President Joe Biden’s vision of an open economy into reality.

The fact that the Fed’s current leadership team made or benefitted from multimillion dollar transactions contextualizes what we’ve seen at the Boston and Dallas regional banks: Chair Powell has facilitated a broad culture of lax ethical practices at the highest levels of the nation’s central bank.

When United States Trade Representative Katherine Tai announced this past May that the U.S. would support the TRIPS waiver on COVID-19 vaccines at the World Trade Organization (WTO), we at the Revolving Door Project celebrated the administration’s decision as “a transformative, hopeful event.” The waiver proposal calls on the WTO’s Trade-Related Aspects of Intellectual Property Rights (TRIPS) Council to suspend intellectual-property protections on COVID-19 therapeutics, diagnostics, and vaccines to ensure materials necessary for combating the pandemic are “available promptly, in sufficient quantities and at affordable price to meet global demand.”

“Over four months after announcing its support for the COVID-19 TRIPS Waiver, the Biden administration’s once promising step towards achieving vaccine equity is proving to be little more than an empty promise. Officials across the administration are cowering in the face of Big Pharma’s insatiable appetite for profit rather than pursuing one of many paths to rapidly ensure equitable access to vaccines worldwide.”

President Biden announced Wednesday that he’s nominated Massachusetts State Representative Maria Robinson to be the Assistant Secretary in the Office of Electricity at the Department of Energy. 

In his time on D.C.’s Public Service Commission and before that as a corporate lawyer, Phillips consistently sided with utilities over the public interest.