My name is Funlola Otukoya, a Junior at Cornell University, and I am so enthused to be apart of a group filled with literally the future leaders of tomorrow. I know Fall Leadership Conference will allow us to enhance our research and make lasting connections.
My paper topic focuses on the gradual accumulation of power by the Federal Reserve and how it has essentially become a branch of government unto itself. My research delves into the relationship between the President, Congress, and the Federal Reserve and how each agenda is affected by the actions of the others. For example, the term of a Chairman lasts for 14 years, and a Federal Reserve Governor’s term lasts for 14 years. This uninterrupted time span can have long lasting effects even after a Presidential term has ended.
Another point of my research delves into the different activities the Federal Reserves undergoes to backstop our economy in lieu of the original dual mandate of maximum employment and moderate long term interest rates.
The financial crisis 2008, the biggest since the Great Depression in my opinion severely changed the power structure of Washington. Although people expected Presidential and Congressional responses, it was the Federal Reserve the country looked to lead us out. What are the implications for the President and Congress? How does this affect the interactions between these three entities? Why is it solely monetary policy as opposed to fiscal policy the country and business elite has looked to for a new era of prosperity?
These are questions I intend to answer with my research paper. The economic future of this country affects every single citizen in this country. It is imperative we know how the backstop of the economy affects us all.