DR. ARTHUR F. BURNS' tenure as Chairman of the Federal Reserve Board witnessed a remarkable number of economic and political events that make the Burns' years fascinating to study. Burns began his term when the old economics seemed to fail, when recession appeared to bring greater rather than less inflation. Following the recession, the economy was subjected to price controls, international financial shocks and domestic turmoil associated with reescalation of the Vietnam War. Price decontrols and currency devaluation then presented a new set of problems, only to be followed by an oil embargo and a quadrupling of oil prices by OPEC. The social and political upheaval over Watergate presented their own problems. The economy then plunged into the worst recession since the 1930's. Despite the severity of the recession, inflation remained strong. The economy began its long recovery from the collapse only to watch a slowing of inflation turn to resurgence. Burns left office with an economy that was expanding but which was experiencing strong inflation and worsening international problems. The purpose of this paper is to discuss the political environment and pressures that existed during the Burns' term of office and to assess the possible implications of these pressures for the conduct of monetary policy. The paper will focus on the first five years of Burns' term because these were the more difficult and interesting years. I served as a senior staff member of the Federal Reserve Board and attended all but a few of the Federal Open Market Committee (FOMC) meetings during Burns' tenure prior to my departure from the staff in 1975. However, I was not privy to all decisions and all pressures exerted on the Fed by Presidential administrations, Congress or foreign governments. While being an insider has lent me insights, my assessment here is derived exclusively from an examination of the economic developments plus material from Congressional testimony and press accounts. The analysis will avoid attributing motives to the various players but rather will stick to facts. The discussion will associate monetary policy with Arthur Burns, because for all intents and purposes monetary policy was Burns. His colleagues on the Board and FOMC exerted little influence on monetary policy. The conclusions of the analysis are a little sad. After presiding over monetary policy for many difficult years in which the economy was subjected to a seemingly unending string of shocks, both external and self-inflicted, Burns left the Federal Reserve a weaker institution than he found it. Despite his impressive public presence and forceful statements of intent, Burns' tenure was marked by serious policy errors that weakened the economy and the credibility of the Fed. Congressional oversight of the Fed has begun and will likely strengthen in coming years.