President Trump Should Reform the Fed

President Trump should use the occasion of his upcoming State of the Union Address to call for legislation reforming the Federal Reserve System and for examining alternative ways to conduct monetary policy. A bill along those lines passed the House of Representatives in 2015, but it died in the Senate.  The president should push for a renewed effort.  The fact that the House is now controlled by the Democrats is by no means an obstacle, but rather presents an opportunity for a bipartisan undertaking. Noteworthy in the original bill would have been the establishment of a monetary commission, a study group charged with the ambitious task of examining the performance of U.S. monetary policy since the Fed was created in 1913.  The draft text envisioned it consisting of twelve members, six appointed by the speaker of the House and six by the president pro tempore of the Senate.  There would also be two non-voting members, one appointed by the...(Read Full Article)
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