Financial Stability News

Flashing news about financial stability and central banking

Top Economists to Advise Sanders on Fed Reform

The pressure on governance changes at the Fed is mounting after the GAO report the other week (see earlier post). Senator Sanders, who was instrumental in getting the GAO audits into the Dodd-Frank legislation in the first place, announced last week a panel that would assist in drawing up meaningful proposals for Fed reforms.  The panel would work with him to… develop legislation to restructure the Fed and tighten rules on conflicts of interest, ensure that the Fed fulfills its full-employment mandate, increase transparency, protect consumers and reduce income inequality.

The panel includes well known economist like Nobel Price-winner Joe Stiglitz and Jeffery Sachs, and former labor secretary Robert Reich. Professor Randall Wray at Levy Institute is also a member of the new panel.

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