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It's Time to Rein In the Fed

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  • Scott Fullwiler
  • L. Randall Wray

Abstract

Scott Fullwiler and Senior Scholar L. Randall Wray review the roles of the Federal Reserve and the Treasury in the context of quantitative easing, and find that the financial crisis has highlighted the limited oversight of Congress and the limited transparency of the Fed. And since a Fed promise is ultimately a Treasury promise that carries the full faith and credit of the US government, the question is whether the Fed should be able to commit the public purse in times of national crisis.

Suggested Citation

  • Scott Fullwiler & L. Randall Wray, 2011. "It's Time to Rein In the Fed," Economics Public Policy Brief Archive ppb_117, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_117
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    References listed on IDEAS

    as
    1. L. R. Wray, 1990. "Money and Credit in Capitalist Economies," Books, Edward Elgar Publishing, number 474.
    2. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    3. L. Randall Wray (ed.), 2004. "Credit and State Theories of Money," Books, Edward Elgar Publishing, number 3204.
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