All government agencies try to maximize power and minimize accountability, but the Federal Reserve is in a league of its own. What began as a quasi-public clearinghouse with the limited function of stopping bank runs has evolved into a monetary-regulatory behemoth. Its sphere of influence has grown despite its failures, of which 40-year-high inflation is the most recent but by no means the worst.
Constitutionally, the Fed answers to Congress. It’s time for legislators to take back the reins. Three bills recently filed by congressional Republicans – the Gold Reserve Transparency Act of 2021, the Price Stability Act of 2022 and a yet-to-be titled act, H.R. 9157, linking the dollar to gold – can bring the Fed to heel. All Republicans and moderate Democrats should consider them carefully.
We can’t afford an out-of-control Fed much longer. America’s central bank has blurred the line between fiscal and monetary…
