[monocle]

Assuming Congress would take over the duties of the Federal Reserve, what guarantees can you point to which insure Congress would act in a responsible fashion. There will always be times, such as the late seventies and the early eighties when both unemployment and inflation were highly worrisome. Solutions to these two concerns presented a dilemma does Congress bow to a major Democrat constituency or a major Republican constitueny?

`I would be more worried about populism controlling our financial sector. Congress still retains oversight over the Federal Reserve as is confirmed by the ongresshearings before Congress. I suspect that Congress ceded power to the Federal Reserve so members of Congress could avoid blame for financial problems - so much for Congress being beholden the people.

[Ratman83]

There are no guarantees but at least Congress can be voted out for not doing their job.

I would be more worried about populism controlling our financial sector. As it is now a non-elected private body is helping to ruin the economy and the financial sector. All the while personally benefiting financially from the havoc they create.

Congress still retains oversight over the Federal Reserve as is confirmed by the hearings before Congress. Congress has oversight of many things and they are all going to crapper because Congress does not do what they are supposed to do.

I suspect that Congress ceded power to the Federal Reserve so members of Congress could avoid blame for financial problems - so much for Congress being beholden the people. That is true but just because someone else allowed Congress to skip its duties does not mean we should also allow them to continue in this.