Will Congress ever reform the Fed?

“This week’s Senate floor votes on the powers of the Federal Reserve caught my attention. Despite Congress’s bipartisan lashing of the Fed for its performance before and after the financial crisis of 2008, the Fed this week defeated two challenges to its autonomy as a central bank. Granted, Congress’s pummeling of the Fed (recall Bernanke’s record low confirmation vote to a second term as Fed chair) has taken a toll on the Fed’s reputation, as has the Fed’s forays into credit policy to combat financial collapse and recession. Still, I’ve been struck by the Fed’s ability to stave off significant congressional challenge this week.” Read here.