The conversation boiled down to this: climate change is real, but climate policies involve trade-offs. We should remember what makes us prosperous and resilient to climate change today: freedom, innovation, human ingenuity, and energy abundance.

The massive cash transfer from taxpayers to private firms under the guise of environmentalism creates an overwhelming and undue burden on taxpayers who continue to pay for fiscally irresponsible federal spending.

The rescission acknowledges these problems and is a great step in the right direction. Now, the Fed can continue to reduce its regulatory scope and focus entirely on its dual mandate. It should then implement rules-based monetary policy to constrain discretion and create a more stable and predictable monetary regime.