What Is in the Federal Reserves Doomsday Book?
This article appeared in the Spring 2024 issue of The Independent Review.
The Doomsday Book is largely a collection of legal opinions compiled by the New York Federal Reserve (and long kept secret) that defines its authority to respond to financial crises. Thanks to a successful Freedom of Information Act request by the author, this essay discloses the Doomsday Books contents and puts them into context. The document reveals that instead of adhering strictly to clear legislative boundaries to justify its actions during financial crises, the Fed seems to ground many of its decisions in the New York Feds belief in the agencys discretionary authority.
Independent Review Issues
Articles by Issue