The Federal Reserve and Authoritarian Statism | 33 34 | Work for Change The Federal Reserve and Authoritarian Statism | 35 36 | Work for Change The Federal Reserve and Authoritarian Statism | 37 38 | Work for Change The Federal Reserve and Authoritarian Statism | 39 40 | Work for Change 1000 1500 2000 2500 3000 3500 15000 16000 17000 18000 19000 20000 21000 22000 23000 24000 25000 1978 1983 1988 1993 1998 2003 2008 Total employment, left Figure 1 Employment, Federal Reserve System, 1977-2012 Source: Federal Reserve Employment, Regulation and supervision, right The Federal Reserve and Authoritarian Statism | 41 42 | Work for Change Table 1 Federal Reserve Regulatory Cycles: 1977-2014 Source: Regdata.com; Federal Reserve. Note:*calculation based on year end 2011, due to changes in reporting. Regulatory information is available until December 2014. Methodology: Cycles were identified on the basis of clear shifts in supervisory hiring and financial regulations. In the periods between cycles the regulatory burden on financial firms was generally decreased reflecting a reduced emphasis on financial supervision inside the Federal Reserve System. These trends were analyzed against the Annual Reports of the Federal Reverse, with focus on the Supervision and Regulation section in each report. Finally, FOMC meeting minutes were analyzed using a key word search which highlighted major trends. The Federal Reserve and Authoritarian Statism | 43 44 | Work for Change The Federal Reserve and Authoritarian Statism | 45 46 | Work for Change The Federal Reserve and Authoritarian Statism | 47 48 | Work for Change The Federal Reserve and Authoritarian Statism | 49 50 | Work for Change The Federal Reserve and Authoritarian Statism | 51 -10 0 10 20 30 40 50 60 70 2008 2013 2018 Federal Reserve Federal Government Figure 2 Total Expenses, Federal Reserve vs Federal Government, Percentage Change 2008 - 2019 Source: Federal Reserve 52 | Work for Change Source: Federal Reserve 0 5 10 15 20 25 30 35 1915 1925 1935 1945 1955 1965 1975 1985 1995 2005 2015 Dodd-Frank Bill Figure 3 Federal Reserve Expenditure as a Percent of Total System Expenditure The Federal Reserve and Authoritarian Statism | 53 54 | Work for Change The Federal Reserve and Authoritarian Statism | 55 http://www.socialistproject.ca/documents/Austerity%20AgainstDemocracy.pdf 56 | Work for Change https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy.htm https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy.htm https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy.htm https://fraser.stlouisfed.org/ https://fraser.stlouisfed.org/ https://www.federalreserve.gov/boarddocs/speeches/1999/19991019.htm https://www.federalreserve.gov/boarddocs/speeches/1999/19991019.htm The Federal Reserve and Authoritarian Statism | 57 58 | Work for Change https://www.federalreserve.gov/newsevents/speech/powell20200827a.htm https://www.federalreserve.gov/newsevents/speech/powell20200827a.htm The Federal Reserve and Authoritarian Statism | 59