Adam Posen and John Taylor have exchanged posts on the Fed Oversight Reform and Modernization Act. The AP criticism of the Act, in a nutshell, is that discretion is better than rules: that the Act would constrain the Fed to follow policy procedures declared in advance, that might later prove inappropriate.
Tayloring a criticism of Fed policy
Adam Posen and John Taylor have exchanged posts on the Fed Oversight Reform and Modernization Act. The AP criticism of the Act, in a nutshell, is that discretion is better than rules: that the Act would constrain the Fed to follow policy procedures declared in advance, that might later prove inappropriate.