During its 96-year history, the Federal Reserve has seen a handful of moments that led elected politicians to reshape it. According to The Wall Street Journal, the Fed is at such a turning point now.

History may show that the Fed helped stave off another Great Depression in 2008, but the radical steps it took along the way make it more politically vulnerable than it has been in decades. A broad re-examination of the Fed's role in the financial system and its governance is beginning to take shape.

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