The Federal Reserve, established in 1913, has evolved far beyond its original mandate, becoming one of the most debated institutions in the United States.

Some critics blame the Fed for economic instability and want it abolished, while some supporters advocate expanding its powers. Over time, the Fed has taken on more responsibilities like achieving specific macroeconomic goals, providing fiscal support to the federal government, and regulating thousands of banks and other financial institutions. As the Federal Reserve is on the cusp of a new leadership, the opportunity for reform is greater than ever.

In a new video, Cato scholars Jai Kedia and Norbert Michel sit down with Elleanor Meuller, reporter for Economy Policy Reporter at Semafor, for a timely conversation on their Reforming the Fed series. The discussion explores proposals to reshape the Federal Reserve, the challenges facing U.S. monetary policy, and what meaningful reform could look like in practice.