The Centennial Monetary Commission Act of 2013: A Second Look at the Fed and the 2008 Financial Crisis
by Norbert J. Michel
The Heritage Foundation
July 02, 2014
There is still a great deal of debate over the Federal Reserve’s role in the 2008 financial crisis. Critics have blamed the Fed’s policies for everything from causing the crisis to worsening it, as well as prolonging the economic recovery after the financial markets stabilized. This debate has not been settled, but Congress has already expanded the Fed’s authority, providing yet another avenue for criticism. Congress should set up a formal monetary commission, such as the one proposed in the Centennial Monetary Commission Act of 2013. This type of commission would provide a public venue for both critics and supporters to discuss the Fed’s past operations and the appropriate role for the central bank going forward.