Congress Finally Takes on the Fed

The Fed’s near-zero interest rate policy has punished savers without producing a strong recovery. Two bills in Congress would rein in the central bank.

George Melloan
The Wall Street Journal

Two bills now before Congress make it clear that legislators are finally giving serious attention to a much-needed reform of the Federal Reserve System.

The most recent effort is the Sound Dollar Act (H.R. 4180) introduced in the House in March by Rep. Kevin Brady (R., Texas), vice chairman of the Joint Economic Committee. A companion bill was put before the Senate by Mike Lee (R., Utah). The Sound Dollar Act has far more hope of passage than the more radical H.R. 1098, introduced by Rep. Ron Paul (R., Texas) last year. H.R. 1098 would repeal the legal tender laws, …

The entire article is available to subscribers of The Wall Street Journal.

You can track the bill’s progress at

To amend the Federal Reserve Act to improve the functioning and transparency of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee, and for other purposes.

Earlier this month we posted a related article (with video), Peter Schiff–The Fed Unspun: The Other Side of the Story

Update: The Fed Is Making A Huge Mistake By Being More Transparent, so says Business Insider.

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