Legislation to Reform the Federal Reserve on Its 100-Year Anniversary

All prosperous industrial democracies have a central bank that has considerable operational independence, combined with a reasonable amount of democratic accountability. Experience over the past 100 years across a wide range of countries has repeatedly demonstrated the paramount importance of creating a buffer between officials appointed to control monetary policy and elected politicians. At the same time, everyone involved in designing and implementing monetary policy and financial regulation should ultimately be accountable, at least indirectly, to the electorate.