Will Congress ever reform the Fed?

“This weekโ€™s Senate floor votes on the powers of the Federal Reserve caught my attention. Despite Congressโ€™s bipartisan lashing of the Fed for its performance before and after the financial crisis of 2008, the Fed this week defeated two challenges to its autonomy as a central bank. Granted, Congressโ€™s pummeling of the Fed (recall Bernankeโ€™s…

“This weekโ€™s Senate floor votes on the powers of the Federal Reserve caught my attention. Despite Congressโ€™s bipartisan lashing of the Fed for its performance before and after the financial crisis of 2008, the Fed this week defeated two challenges to its autonomy as a central bank. Granted, Congressโ€™s pummeling of the Fed (recall Bernankeโ€™s record low confirmation vote to a second term as Fed chair) has taken a toll on the Fedโ€™s reputation, as has the Fedโ€™s forays into credit policy to combat financial collapse and recession. Still, Iโ€™ve been struck by the Fedโ€™s ability to stave off significant congressional challenge this week.” Read here.

Will Congress ever reform the Fed?
Sarah Binder
The Monkey Cage, May 12, 2010.

Image by jscreationzs / FreeDigitalPhotos.net.



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