Reforms for a New Era at the Federal Reserve: A Conversation with Eleanor Mueller

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 more 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. As the Federal Reserve is on the cusp of a new leadership regime, the opportunity for reform is greater than ever.

Cato Institute scholars Jai Kedia, Research Fellow, and Norbert Michel, Vice President and Director of the Center for Monetary and Financial Alternatives, were joined for a timely conversation on their Reforming the Fed series. The discussion was moderated by Eleanor Mueller, Economy Policy Reporter at Semafor, and explored proposals to reshape the Federal Reserve, the challenges facing U.S. monetary policy, and what meaningful reform could look like in practice.

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