A limited constitutional government calls for a rules-based, freemarket monetary system, not the topsy-turvy fiat dollar that now exists under central banking. This issue of the Cato Journal examines the case for alternatives to central banking and the reforms needed to move toward free-market money.
Americans are finally enjoying an improving economy after years of recession and slow growth. The unemployment rate is dropping, the economy is expanding, and public confidence is rising. Surely our economic crisis is behind us. Or is it? In Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato scholar Michael D. Tanner examines the growing national debt and its dire implications for our future and explains why a looming financial meltdown may be far worse than anyone expects.
The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Featuring Rep. Scott Garrett, Chairman of the Congressional Constitution Caucus, Chairman of the Subcommittee on Capital Markets and Government-Sponsored Enterprises, House Financial Services Committee; and Louise Bennetts, Associate Director of Financial Regulation Studies, Cato Institute; moderated by Laura Odato, Director of Government Affairs, Cato Institute.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was intended to “promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail,’ to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.” The law is extraordinarily complex, requiring almost a dozen federal agencies to complete 398 rulemaking requirements, plus about 145 studies that will affect rulemaking. With the rulemaking process underway, there are growing concerns about the Act’s constitutionality. In particular, the Act has implications for the separation of powers, the role of congressional oversight, vagueness and unfettered regulator discretion, and due process. Does Dodd-Frank provide effective oversight by any branch of government, and how can constitutional concerns about the law’s grants of regulatory power be resolved?