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***Special Edition TSS*** Centennial Monetary Commission Passes House Financial Services Committee.

In The Hill, Ralph Benko says Democrats should join, not boycott, the ‘Monetary Policy Olympics’ 

Democrats, if you believe in your own cause, embrace the Commission. Compete in, don’t boycott, the Monetary Policy Olympics.  Let’s see what you’ve got. And may the best monetary policy — and America — win!

From Natalie Johnson at The Daily Signal:

“Without a binding rule, a discretionary central bank will always give us higher inflation without any gain in employment,” said Norbert Michel, a research fellow in financial regulations for The Heritage Foundation.

What is the Commission and why should you care? It’s being constituted to take an empirical look at the Federal Reserve’s policies over the past 100 years and identify which policies most correlate with good job creation and a thriving economy. Under the Commission—All monetary rules get studied, no favorites

What we like about this bill is that it lays this question where it belongs: the Congress of the United States. No central bank can be expected to examine its own performance. The universities did not create the Fed. The question of the Federal Reserve belongs in the body to which the Constitution grants the enumerated monetary powers. The Congress is the body that created the Fed, and it is the only body that can revise its mandates.

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