# Reforming the Federal Reserve 

April 2025 

![Reforming the Fed Reserve (no text)](/sites/cato.org/files/styles/aside_3x/public/2025-04/Reforming%20Fed%20Reserve_0.jpg?itok=FP84B9tQ) 

#### Table of Contents 

9-part series 

- ##### [Reforming the Federal Reserve, Section 1: A Brief Look Back and the Way Forward](/publications/reforming-federal-reserve-part-1-brief-look-back-way-forward) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) and [Jai Kedia](https://www.cato.org/people/jai-kedia)
- ##### [Reforming the Federal Reserve, Section 2: Enforcing Rules-Based Monetary Policy](/publications/reforming-federal-reserve-part-2-enforcing-rules-based-monetary-policy) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) and [Jai Kedia](https://www.cato.org/people/jai-kedia)
- ##### [Reforming the Federal Reserve, Section 3: Restoring Sensible Asset Purchases](/publications/reforming-federal-reserve-part-4) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) and [Jai Kedia](https://www.cato.org/people/jai-kedia)
- ##### [Reforming the Federal Reserve, Section 4: Ending the Interest on Reserves Program](/publications/reforming-federal-reserve-part-5) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) and [Jai Kedia](https://www.cato.org/people/jai-kedia)
- ##### [Reforming the Federal Reserve, Section 5: Preventing Fiscal Dominance](/publications/reforming-federal-reserve-part-8-preventing-fiscal-dominance) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) and [Jai Kedia](https://www.cato.org/people/jai-kedia)
- ##### [Reforming the Federal Reserve, Section 6: Responsible Last Resort Lending](/publications/reforming-federal-reserve-part-6) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) and [Jai Kedia](https://www.cato.org/people/jai-kedia)
- ##### [Reforming the Federal Reserve, Section 7: A Glance at Interventions in Payment Services](/publications/reforming-federal-reserve-part-3-a-glance-at-interventions-in-payment-services) 

By [Nicholas Anthony](https://www.cato.org/people/nicholas-anthony)
- ##### [Reforming the Federal Reserve, Section 8: Shrinking Regulatory Authority](/publications/reforming-federal-reserve-part-7) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) and [Jai Kedia](https://www.cato.org/people/jai-kedia)
- ##### [Reforming the Federal Reserve, Section 9: Dispelling Myths About the Fed](/publications/reforming-federal-reserve-part-9-dispelling-myths-about-fed) 

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

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 it for economic instability and want it abolished, while some supporters advocate expanding its powers. Over time, the Fed has taken on responsibilities like achieving specific macroeconomic goals, providing fiscal support to the federal government, and regulating thousands of banks and other financial institutions. This expansion has led to greater government involvement in individuals’ economic lives.

This series will discuss **the Fed’s many roles, why they should be more limited,** and **how they can be curtailed.**

[Download the Full Report](https://www.cato.org/sites/cato.org/files/2026-01/Reforming-the-Federal-Reserve.pdf) 

##### About the Authors 

[![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) 

[![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) 

[![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)