New York Sun: House bill on Fed includes audit provision and monetary commission


From the New York Sun
Thursday, November 19, 2015

We'd like to think it's no coincidence that less than a month after Paul Ryan of Wisconsin became speaker, the House of Representatives passed the most important monetary reform bill since Humphrey Hawkins in 1978. This happened today with the decision to send to the Senate the Federal Oversight, Reform, and Modernization Act. Mark it well that the Ryan era is about substance, and the most representative body in the American government is unhappy with the performance of the Federal Reserve and is ready for reform. ...

The measure passed today would require the Fed to set a monetary rule of its choosing and let the Congress and the American people know what it is. It also includes Audit the Fed, which would give Congress continuing oversight into the Fed's operations. And, importantly, it would establish the Centennial Monetary Commission, a formal body to review the various monetary regimes the Fed has pursued and make recommendations for reform as it begins, as it does this year, the second century of its operations. ...

... For the remainder of the commentary:


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