# Multimedia 

Multimedia 

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Cato Weekly Podcast • February 3, 2026 

# Reforming the Federal Reserve, Brick by Brick 

For more than a century, the Federal Reserve has accumulated responsibilities far beyond monetary policy, from bank regulation to payments and emergency lending. The Cato Institute’s Nick Anthony, Norbert Michel, and Jai Kedia break down what the Fed actually controls, what it does not, and why inflation, debt, and financial instability cannot be fixed by interest-rate tweaks alone.

#### Show Note 

[![Reforming the Federal Reserve - Small](/sites/cato.org/files/styles/content_teaser/public/2025-04/Reforming%20Fed%20Reserve-small.jpg?itok=iTLrC_sj)](https://www.cato.org/reforming-federal-reserve) 

series 

### [Reforming the Federal Reserve](/reforming-federal-reserve) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel), [Jai Kedia](https://www.cato.org/people/jai-kedia), and [Nicholas Anthony](https://www.cato.org/people/nicholas-anthony) 

The Federal Reserve System has morphed since its founding and is now too involved with our economic decisions. The Fed should operate with transparency and predictability while minimizing interference in private markets.

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) 

##### [Norbert J. Michel](/people/norbert-michel)

Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute

[ 

](https://x.com/norbertjmichel) 

[![Nicholas Anthony Cropped](/sites/cato.org/files/styles/author_picture/public/2025-02/NicholasAnthony-cropped.jpg?itok=f4HYrot7)](/people/nicholas-anthony) 

##### [Nicholas Anthony](/people/nicholas-anthony)

Research Fellow, Center for Monetary and Financial Alternatives

[ 

](https://x.com/EconWithNick) 

[![jai-kedia-cropped.jpg](/sites/cato.org/files/styles/author_picture/public/2023-07/jai-kedia-cropped.jpg?itok=In6dB8gW)](/people/jai-kedia) 

##### [Jai Kedia](/people/jai-kedia)

Research Fellow, Center for Monetary and Financial Alternatives, Cato Institute

[ 

](https://x.com/jaikedia)