Nixon tapes reveal his pressure campaign on Fed Chair Arthur Burns

White House tapes recorded on November 3, 1971 and surrounding dates captured President Richard Nixon pressuring Federal Reserve Chair Arthur Burns to ease monetary policy ahead of the 1972 election. Nixon asked advisors how far his influence on Burns and the money supply could be pushed, and arranged credible threats including leaks about Burns and the appointment of easy-money allies to the Fed board. Burns complied: the Fed cut the discount rate and expanded the money supply, driving unemployment to 5.3% by Election Day.