The Subcommittee on Domestic Monetary Policy and Technology held hearings Tuesday :
“The hearing, chaired by Texas Republican Rep. Ron Paul… focused on several proposals to alter the Federal Reserve…”
The reform bills ranged from Marcy Kaptur’s small ball bill to (among other things) ban Fed governors from working for member banks for 4 years after leaving (just like the NJ Casino Control Commission!) to Paul’s own plan to abolish the Fed and return to the gold standard (Geez, who would vote for this guy? Oh yeah, never mind).
I doubt much will come of any of these bills. Whether Congress knows it or not, sooner or later the Supreme Court is going to dropkick the Fed onto the front lawn of the White House.
If anyone’s interested, the committee website has the webcast and witness written testimony online. As is usually the case with such things, the role of “voice of reason” was played by one James K. Galbraith (“the Humphrey-Hawkins Full Employment and Balanced Growth Act of 1978… set interim targets of four percent unemployment and three percent inflation”.)