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Policy Update: Independence, If You Can Keep It

Author

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  • Sam Louis Taylor

Abstract

Historically, Congress has tended to take an acute interest in examining the structure of the Federal Reserve whenever there is economic turmoil. The economic swing during the COVID-19 pandemic and the current period of elevated inflation are no different. In response, lawmakers and policy influencers have voiced concerns about the Fed's ability to promote an equitable economic recovery as well as its ability to manage inflation. These proposals have spanned the political spectrum, including expanding the Fed's monetary policy mandate into new areas, bringing monetary policy decision-making under additional oversight, and replacing the current structure of the Fed entirely.

Suggested Citation

  • Sam Louis Taylor, 2024. "Policy Update: Independence, If You Can Keep It," Econ Focus, Federal Reserve Bank of Richmond, vol. 24(3Q), pages 1-13, August.
    • Handle: RePEc:fip:fedrrf:98662
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    File URL: https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/econ_focus/2024/q3/policy_update.pdf
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