The nearly million-strong, militantly Jeffersonian, Campaign for Liberty — the classical liberal counterpart to MoveOn.org — is using the occasion to press for an audit of the Fed as championed in the Senate by Sen. Rand Paul (R-Ky).
Meanwhile, the House of Representatives is calling for a Congressional commission to study the real world effect of various Fed policies over its century-long history. This may be more pragmatical — yet no less incisive. Both previous Congressionally-impelled monetary reforms were impelled by a commission. The Centennial Monetary Commission, HR 1176, sponsored by Joint Economic Committee Chairman Kevin Brady (R-TX), continues to pick up momentum.
The Commission is the right vehicle at the right time. As reported here last month, the Conservative Action Project, and about 40 of its civic leaders, praised this legislation as one if its “critical agenda items” in one of its Memos for the Movement. Full text, with most signatories (including this columnist), reproduced at Conservative Patriot.
In the short space of three weeks since this watershed development Washington’s most Congressionally-influential center-right policy institute, and one of the most justifiably respected, the Heritage Foundation, has weighed in. Important endorsements also have appeared in the Orange County Register and in the New York Post. Rep. Todd Rokita [R-IN4] has added a 26th co-sponsorship.
The Centennial Monetary Commission calls for a bipartisan, bicameral, commission. It contemplates an empirical assessment of the outcomes of various monetary policies engaged by the Federal Reserve System. It is not an exercise in Fed bashing. It is an exercise in objective empiricism.