Fischer defends Fed independence
Attempts to make FOMC adopt a policy rule would restrict independence, Fischer says
Some of the efforts to reform the Federal Reserve could make it less independent rather than more accountable, Stanley Fischer, the Fed's vice-chair, argued on November 4.
Proposals to 'audit the Fed' have attracted the ire of both current and former Fed officials, as they would allow the Government Accountability Office to review monetary policy decisions.
Similarly, attempts to force the Federal Open Market Committee (FOMC) to specify a Taylor-type rule for setting policy and explain any
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