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Scott Fullwiler and L. Randall Wray — It’s Time to Rein In the Fed (Public Policy Brief)

Summary:
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.One page article (public policy brief). Download.Levy InstituteIt's Time to Rein In the FedScott T. Fullwiler | Assistant Professor of Economics, University of Missouri - Kansas City, and L. Randall Wray | Professor of Economics, Bard Collegehttps://www.levyinstitute.org/publications/?docid=1371

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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.
One page article (public policy brief). Download.

Levy Institute
Scott T. Fullwiler | Assistant Professor of Economics, University of Missouri - Kansas City, and L. Randall Wray | Professor of Economics, Bard College
https://www.levyinstitute.org/publications/?docid=1371
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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