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?

Comments (17)

Kenneth Putman - July 11, 2014

I believe the Fed has hurt the economy of the USA by continually weakening the dollar by printing more and more money. This is particularly hurtful to everyone who is seeing their retirement dollars being able to purchase less and less. Yes, the stock market is up and the price of everything is going up with it. We should definitely reign in the Fed and give the free market economy room to work as it should by letting the consumers decide what is worth spending our money for and what is not.

Lynn Mosher - July 11, 2014

I believe the Federal Reserve was a mistake in the first place!!!

Donna Hickman - July 11, 2014

Congress should audit the Federal Reserve and all
other departments or people who have access to
the funds. This is a very corrupt government and
they should also audit Fort Knox to see if there is
really any gold there or if it has all mysteriously disappeared.

Don - July 11, 2014

I believe that the Fed has hurt the situation. Flooding the economy with so much liquidity has artificially propped it up and not allowed market forces to work so the economy gets back to some level of stability at a realistic level.

James Laughrey - July 11, 2014

Fed continues to blow air into the financial bubble & soon it will bust & really put our economy in turmoil. ALOT of people I talk to are very concerned about the Feds policies

Eugene Goldsmith - July 11, 2014

Of course the FED has hurt the economy, that is why it was founded 100 years ago. Now, even the FED has lost control and the dollar will go down. The euro(42% of international trade) and the dollar(38% of international trade) will take a back seat to the Yuan as the reserve currency over the next 10-15 years.

Henry J Vance - July 11, 2014

The lack of Federal Government oversight and control of the Federal Reserve is so stupid and begs the question as to why we have a Federal Government.

Any government that gives a non-government entity the ability to print money without authorization and control cannot long exist.

We can’t tell whether the Federal Reserve has helped or hurt the economy because we can’t tell what the Federal Reserve has done.

Is the Federal Reserve bribing the members of Congress to get them to refuse to require audited reports of the operation of the Federal Reserve? That makes more sense that the stupid remarks that “we trust the Federal Reserve to do the right thing,”

Renee Szabo - July 11, 2014

I believe the Federal Reserve has hurt the economy.

Holly Chapo - July 12, 2014

As long as they have gone beyond their original mission, they have done more harm than good. They need to be audited and reigned in.

Sherman Randel - July 12, 2014

The more I know about the Federal Reserve the more I believe their policies are not helping the economy but are
the cause. It is time for an audit and subsequent changes to correct policies if not abolish the Federal Reserve.

Robert Vehn - July 12, 2014

The US Goverment should audit the FED asap and publicly announce its findings so that the Citizens will finally find out just how much the FED hsa harmed our economy.

Cheryl Wilson - July 12, 2014

The Federal Reserve is recklessly issuing money at Obama Administrations commands. We, the people demand accountability.

O - July 12, 2014

Great idea, & one that’ll find much support among the American people ~ especially the “End the Fed” crowd, who’ve been clamoring to kill the institution for years 🙂

Ed Ryan - July 12, 2014

It has clearly hurt the economy. The excess issue of unearned funds to allow overspending without any clear discussion/debate is just our leaders looking for votes without looking out for those who’s money they are SPENDING. “Let’s Spend it so We Can Find out What We’ve Done?” Hmmm sound familiar? Mark it up and have an open discussion on this vital policy to open the door for reform for better control and debt reduction. ed

C. Hoffman - July 15, 2014

From the standpoint of continuing to prop up a broken economic system that have helped keep the banks liquid otherwise their QE activity has distorted the capital & stock markets creating even larger bubbles in more sectors of the economy than in 2008. The false growth created provides benefits only for those at the top of the fed ponzi. We are in uncharted waters and when the bubble breaks there will be Hell to pay. Prepare accordingly.

william Pierce - July 18, 2014

the fed is a private corp. and has taken trillons from the US economy it has devalued our dollar for their benefit they are not for the american people only themselves

jim f - August 29, 2015

We have seen nothing yet. Just wait until the all the effects of the tremendos amount of paper the fed has printed starts to destroy the value of our retirement savings.

Get rid of the fed.

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