Rewriting the Rules of the Federal Reserve for Broad and Stable Growth

The Federal Reserve as we know it today is the product of more than a century of evolving economic theory and political and social compromise. The monetary, regulatory, and supervisory policy choices of the Fed shape macroeconomic and financial conditions in the U.S. and abroad and have long-term impacts on economic inequality. By reforming Federal Reserve governance and policy, we can improve Federal Reserve accountability to the general public. A more accountable Fed with a broader arsenal of policy tools would place more emphasis on full employment, wage growth, financial stability, and fair credit access, promoting stronger and more broadly shared economic growth.