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Marriner Eccles: Father of the Modern Federal Reserve
The Treasury-Federal Reserve Accord
In modern history, the U.S. Treasury and the Federal Reserve have operated as fully separate institutions — the Treasury manages the nation’s debt, while the Fed sets monetary policy — but this was not always the case. Throughout the 1940s, the Fed had worked with the Treasury to help finance the war effort, but by the 1950s, it was time for this arrangement to come to an end.
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56:40
Marriner Eccles shaped the Federal Reserve into the independent institution it is today.