July 25, 2018

When President Reagan Trumped Trump

Long forgotten, and un-remembered especially by hagiographers, are the proposals of the Reagan Administration, advanced by President Ronald Reagan himself, that the Federal Reserve be placed into the Treasury Department. When the central bank was established, Reagan told reporters in 1982, the Secretary of Treasury was its head, and he asked whether we should reconsider whether such a system might work better than the current one. Nor was Reagan’s covetous eyeballing of the Fed a one-off musing. Rather it was a constant refrain. In 1984 Reagan’s Treasury Secretary Don Regan reiterated the Reagan proposal, as reports circulated there was a… Read More