Fed faces calls for radical reform

Fed faces calls for radical reform A senior Republican congressman has called for everything from the gold standard to a price level target to be on the table in a 100th anniversary review of the Federal Reserve’s mandate. Kevin Brady, who chairs the joint economic committee, wants Congress to appoint a bipartisan commission that could lead to a radical change in the mandate of the world’s largest and most important central bank. By setting up a process that has a chance of passing Congress, Mr Brady’s bill marks one of the most serious bids to revamp the Fed for years, on the centenary of its founding legislation in 1913. “This isn’t an ‘End the Fed’ gambit – just the opposite,” Mr Brady told the Financial Times in an interview. “We want a very thoughtful, very constructive analysis of the last 100 years. When the house isn’t on fire we want a discussion of what role the fire department should play.” http://link.ft.com/r/XYEWFF/WHZFCR/M9QF42/MSYR7M/4VJ3N2/9A/h?a1=2013&a2=4&a3=29