So what does a Fed owned by the American people look like?
Bannon’s the Prince of populist rhetoric but doesn’t care what comes once things are burned down.
Here are some thoughts from the Heritage Foundation and a summary of why the FED is a failure: “Even when the disastrous interwar period is excluded, updated data suggest that the average length of recessions, as well as the average time to recover from recessions, has been slightly longer in the post-WWII era than in the pre-Fed era.[7] Furthermore, while the variability in inflation declined after 1977, when the Fed received a formal price stability mandate, the average rate of inflation increased.[8] In the post-WWII era, the long-term purchasing power of the dollar has declined, the U.S. price level has become more difficult to forecast, and the benign deflation that arises from improved productivity has all but disappeared.[9]”
Short of completely ending the FED, however.
https://www.heritage.org/report/the-fed-needs-reform-six-changes-monetary-policy