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@RememberUsAlways @ZeroSum06 JP Morgan was the driving force in favor of it, but it was created by an act of Congress: https://www.govinfo.gov/content/pkg/COMPS-270/uslm/COMPS-270.xml

And their claim to be independent is a classic political lie. They’re influenced heavily by politics. It was a rare act of courage by both Carter and Reagan, for example, to permit Volcker to raise interest rates to something approximating market rates that cleared the malinvestment of the 1960s and 1970s. Usually it goes the other way around.