# Making the Fed More Accountable to Congress and the Public May Be Just What It Needs to Fend Off Trump’s Threats to Its Independence.

1 Opinion August 28, 2026By Simon Bowmaker and Paul Wachtel

The Conversation ![Simon Bowmaker and Paul Wachtel headshots](/sites/default/files/styles/246w/public/2026-04/bowmaker_wachtel_1.png?itok=OWLwuMGk)The Federal Reserve – one of the world’s most powerful institutions – affects the U.S. economy in a way that no other part of government can.

Interest rates, inflation and bank regulation are all shaped by Fed policy and impact the everyday financial life of Americans, whether they realize it or not. Its decisions can influence everything from the cost of a mortgage to business hiring and the pace of economic growth.

As a result, Fed critics on both the left and the right have long asked whether the Fed is adequately accountable.

Read the full [*The Conversation* article](https://theconversation.com/making-the-fed-more-accountable-to-congress-and-the-public-may-be-just-what-it-needs-to-fend-off-trumps-threats-to-its-independence-289276).
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*Simon Bowmaker is Distinguished Clinical Professor at NYU Stern. Paul Wachtel is Professor Emeritus of Economics at NYU Stern.*

## More from Simon Bowmaker and Paul Wachtel

- [How Alan Greenspan’s Stint as President Ford’s Top Economic Adviser Cemented his Passion for Public Service and Prepared Him to Lead the Fed.](/experience-stern/faculty-research/opinion/how-alan-greenspans-stint-president-fords-top-economic-adviser-cemented-his-passion-public-service)
- [Trump Fed Pick Kevin Warsh Could Shake Up the Central Bank With His ‘Family Fight’ Model.](/experience-stern/faculty-research/opinion/trump-fed-pick-kevin-warsh-could-shake-central-bank-his-family-fight-model)
- [Racial Income and Wealth Gaps are Huge – But the Fed Doesn’t Have the Right Tools to Fix Them](/experience-stern/faculty-research/racial-income-and-wealth-gaps-are-huge-fed-doesn-t-have-right-tools-fix-them)
- [Think Loose Monetary Policy Helps Reduce Racial Inequities? Think Again.](/experience-stern/faculty-research/think-loose-monetary-policy-helps-reduce-racial-inequities-think-again)
- [Monetary Policy and Racial Inequality](/experience-stern/faculty-research/monetary-policy-and-racial-inequality)