Reform The Fed? Get Rid Of Groupthink

Reform The Fed? Get Rid Of Groupthink By Aaron Klein, Olivia V. Weiss, Bipartisan Policy Center.

Whether and how to reform the Federal Reserve System (Fed) has become a hot topic. Senate Banking Committee Chairman Richard Shelby (R-AL) called for increased Fed accountability at a recent hearing. Senator Jack Reed (D-RI) has introduced legislation to make the president of the New York Federal Reserve Bank subject to presidential appointment and Senate confirmation. Senator Rand Paul (R-KY) reintroduced his “Audit the Fed” legislation, which passed the House of Representatives with strong bipartisan support last year. Financial industry leaders like the Financial Services Forum’s John Dearie have proposed adding two new regional Fed banks and giving...