The Fed’s 100th Anniversary and the Case for a Centennial Monetary Commission

The Federal Reserve Act was signed into law on December 23, 1913. It was designed to provide an elastic currency and prevent banking panics. The Great Depression, the Great Inflation, and the Panic of 2008, however, seriously mar the Fed’s record. In particular, the Fed’s failure to detect and prevent the 2008 financial crisis needs close public scrutiny. Moreover, the Fed’s vast expansion of its balance sheet during the last five years and its suppression of market interest rates have failed to generate robust economic growth and full employment. Those issues will be addressed by our speakers and a case made for creating a Centennial Monetary Commission (HR 1176) to explore alternatives to the current pure discretionary government fiat money regime.