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—Karl Bopp, President of the Federal Reserve Bank of Philadelphia Karl Bopp, the longtime president of the Federal Reserve Bank of Phila‑ delphia, addressed the Federal Open Market Committee (FOMC) for the final time on February 10, 1970.1 The FOMC is the venue where repre‑ sentatives of all the Federal Reserve System’s elements, twelve regional Federal Reserve Banks and the Washington, D. [...] This order would be toppled by the end of the decade, however, amid internal critiques that the system was behaving like a central bank and undermining the letter and spirit of the law. [...] The Struggle to Build a Durable Fed Regime Imagining the Fed explains the evolution of the Fed policy regime, under‑ stood as the institutional process and values that shape its policy deci‑ sions. [...] It analyzes the development of its two main policymaking bodies, the Board of Governors and the FOMC, from the perspective of the individuals who occupied them and remade them through time. [...] appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary.”46 These design features reflected concessions made to populists.47 They were coun‑ tered, however, by progressive structures which insulated the board from © 2021 State University of New York Press, Albany 12 Imagining the Fed politics, incl.