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Central Banks Have Become Too Powerful, Former Banker Says

A view of the Federal Reserve is seen on May 2, 2018 in Washington, D.C. (Brendan Smialowski/AFP/Getty Images)
A view of the Federal Reserve is seen on May 2, 2018 in Washington, D.C. (Brendan Smialowski/AFP/Getty Images)

In the decade since the financial crisis, central banks have become powerful and influential institutions.

Paul Tucker, the former deputy governor for the Bank of England, talks with Here & Now‘s Jeremy Hobson about why he thinks central bankers — unelected officials whose actions determine our economic well being — have too much power.

Tucker is author of the book “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State.”

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