Break up the Fed: the Wall Street Journal

Well, I didn’t expect to see this already… especially not there!

Broadening the Fed’s responsibilities won’t help. Instead, we should think of how best to dismantle an overextended Fed…. What we need now is a debate about how to break up the Fed—and some of the sprawling financial institutions it supervises—in order to make both the regulator and the regulated more manageable and accountable.

Too big to not fail… it’s certainly an interesting case for breaking up the Fed. But it is also somewhat beside the point. There is a genuine problem stemming from mission creep, but the core of the issue is that the central mission is a deleterious one.

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