What Congress can and should do about the Fed’s independence

For many decades, politicians of both parties and almost all economists have recognized the independence of the U.S. Federal Reserve as a cornerstone of the American economy — and indeed the world economy. The Fed’s independence itself fuels the U.S.’ prominence in the world economy and supports international and domestic investment. Recent reports, while rarely naming names, assure us that both Democratic and Republican members of Congress continue to believe all of this.