To whom is the Federal Reserve accountable? Does the Fed's insistence on its "independence" mean it thinks the answer is: To no one? Who should oversee the results, successful or unsuccessful, of the Fed's actions? One answer was given by a former president of the New York Fed years ago: "The Congress which set us up has the authority and should review our actions at any time they want to, and in any way they want to." The CHOICE Act, recently passed by the House Financial Services Committee would in its Title X., "Fed Oversight Reform," create greater Fed accountability to the Congress. This Federalist Society Teleforum explored the bill's provisions and the issues involved.
- Alex Pollock, Senior Fellow, R Street Institute
- Norbert Michel, Senior Research Fellow, Financial Regulations and Monetary Policy, The Heritage Foundation