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The Federal Reserve System's Overreach into Credit Allocation

Originally published in Journal of Private Enterprise

The Federal Reserve System’s attempts to direct the allocation of credit since 2007 have been overreaching, wasteful, morally hazardous, and fraught with serious governance (potential cronyism) problems. Accordingly, the Fed should remove itself, or be removed by Congress, from the formulation and implementation of credit-allocation policies.

The Federal Reserve System’s attempts to direct the allocation of credit since 2007 have been overreaching, wasteful, morally hazardous, and fraught with serious governance (potential cronyism) problems. Accordingly, the Fed should remove itself, or be removed by Congress, from the formulation and implementation of credit-allocation policies.