Congress needs to reassess the Federal Reserve’s activities and establish a formal monetary commission, Heritage Foundation economist Norbert Michel recommends.

The Fed’s reach into the economy has greatly expanded, and whether this is good for the economy is far from a settled question. The central bank’s 100th anniversary is the perfect time to settle this debate with a formal monetary commission.

Such a commission, Michel argues, “would provide the appropriate venue for both critics and supporters to discuss the Fed’s operations and its proper role going forward.”

Do you think the Federal Reserve has benefitted the economy? Or hurt it?

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