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08/1/2016 | Building a National Campaign for a Strong Economy: Fed Up

Making the Federal Reserve Fully Public: Why and How

The Federal Reserve’s governance structure is outdated and inadequate for ensuring that the Fed serves the public interest. In this paper, we examine the case for making the Fed fully public (“why”), and then we consider specific proposals for doing so (“how”). Our analysis indicates that pragmatic and nonpartisan reforms can strengthen the Federal Reserve’s governance while enhancing its operational independence to pursue its statutory mandate without political interference. In particular, the Fed should be a fully public institution whose decision-makers are selected by open and transparent processes; indeed, we find that making the Fed fully public also yields significant benefits for American taxpayers. Moreover, the Fed should be held to the same standards of transparency and accountability as every other public agency, including comprehensive annual reviews by the Government Accountability Office (GAO) and applicability of the Freedom of Information Act (FOIA) to all aspects of the Fed’s procedures and operations.

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    CPD Impact

    Nov 2016: During 2016, the Federal Reserve made an historic shift in how it makes the most important economic decisions in the country. For the first time they are taking into account low-income communities of color. For the past 100 years the Fed has been dominated by white, male, corporate executives who have cared little about building an economy that works for everyone.