Lev Menand examines how the Federal Reserve accumulated immense power during the COVID-19 pandemic, creating trillions of dollars without Congressional authorization and fundamentally reshaping its role in the American economy. Menand, a law professor at Columbia who previously worked at the Treasury Department, traces how the Fed evolved from a narrow institution designed to provide liquidity to banks into a central actor in financial markets, mortgage markets, and corporate debt. During 2020, the Fed expanded its balance sheet by more than three trillion dollars, purchasing not just Treasury bonds but corporate bonds, municipal debt, and other assets it had never before bought. Menand argues that this expansion occurred outside the democratic process: the Fed acted to stabilize markets and support the economy, but without the public deliberation that should accompany decisions of such magnitude. The book examines the Fed's institutional design, showing how legal ambiguities have allowed mission creep and how the revolving door between Wall Street and the Fed shapes its priorities. Menand writes accessibly about complex monetary policy, explaining both how the Fed works and why its expanded role raises democratic concerns. The book contributes to debates about inequality, as the Fed's interventions consistently benefit asset holders over wage earners.