4. Fed regional banks face charges of politicization

Abstract illustration of bits of money and a tilted scale of justice.
Illustration: Aïda Amer/Axios

The vast majority of what the Federal Reserve does on any given day takes place in reserve banks stationed across the country, with an unusual quasi-private structure and wide-ranging, yet below-the-radar, responsibilities.

Why it matters: The regional Fed banks are facing intense new political pressures, including allegations from conservatives that they have ventured far outside their lane, essentially taking stands on social justice and other issues that undermine the central bank's independence.

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