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The Federal Reserve—the central bank of the United States—is the most powerful peacetime bureaucracy in the federal government. Under the chairmanship of Alan Greenspan (1987-2006), the Fed achieved near mythical status for its part in managing the economy, and Greenspan was lauded as a genius. Few seemed to notice or care that Fed officials operated secretly with almost no public accountability. There was a courageous exception to this lack of oversight, however: Henry B. Gonzalez (D-TX)—chairman of the U.S. House of Representatives Financial Services (banking) Committee.

In Deception and Abuse at the Fed, Robert Auerbach, a former banking committee investigator, recounts major instances of Fed mismanagement and abuse of power that were exposed by Rep. Gonzalez, including:

• Blocking Congress and the public from holding powerful Fed officials accountable by falsely declaring—for 17 years—it had no transcripts of its meetings;
• Manipulating the stock and bond markets in 1994 under cover of a preemptive strike against inflation;
• Allowing $5.5 billion to be sent to Saddam Hussein from a small Atlanta branch of a foreign bank—the result of faulty bank examination practices by the Fed;
• Stonewalling Congressional investigations and misleading the Washington Post about the $6,300 found on the Watergate burglars.

Auerbach provides documentation of these and other abuses at the Fed, which confirms Rep. Gonzalez's belief that no government agency should be allowed to operate with the secrecy and independence in which the Federal Reserve has shrouded itself. Auerbach concludes with recommendations for specific, broad-ranging reforms that will make the Fed accountable to the government and the people of the United States.

Private money, public good, and the original fight for control of America’s energy industry.

Until the 1930s, financial interests dominated electrical power in the United States. That changed with President Franklin D. Roosevelt’s New Deal, which restructured the industry. The government expanded public ownership, famously through the Tennessee Valley Authority, and promoted a new kind of utility: the rural electric cooperative that brought light and power to millions in the countryside. Since then, public and cooperative utilities have persisted as an alternative to shareholder control. Democracy in Power traces the rise of publicly governed utilities in the twentieth-century electrification of America.

Sandeep Vaheesan shows that the path to accountability in America’s power sector was beset by bureaucratic challenges and fierce private resistance. Through a detailed and critical examination of this evolution, Vaheesan offers a blueprint for a publicly led and managed path to decarbonization. Democracy in Power is at once an essential history, a deeply relevant accounting of successes and failures, and a guide on how to avoid repeating past mistakes.

This is an auto-narrated audiobook version of this book.

Private money, public good, and the original fight for control of America’s energy industry.

Until the 1930s, financial interests dominated electrical power in the United States. That changed with President Franklin D. Roosevelt’s New Deal which restructured the industry. The government expanded public ownership, famously through the Tennessee Valley Authority, and promoted a new kind of utility: the rural electric cooperative that brought light and power to millions in the countryside. Since then, public and cooperative utilities have persisted as an alternative to shareholder control. Democracy in Power traces the rise of publicly governed utilities in the twentieth-century electrification of America.

Sandeep Vaheesan shows that the path to accountability in America’s power sector was beset by bureaucratic challenges and fierce private resistance. Through a detailed and critical examination of this evolution, Vaheesan offers a blueprint for a publicly led and managed path to decarbonization. Democracy in Power is at once an essential history, a deeply relevant accounting of successes and failures, and a guide on how to avoid repeating past mistakes.