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Article: Inflation-fighting man.(Federal Reserve Board should have clear goal of price stability)(Editorial)
- Article from:
- The Economist (US)
- Article date:
- April 22, 1995
CopyrightCOPYRIGHT 1995 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ALAN GREENSPAN has less than a year to go before his term as chairman of America's Federal Reserve expires in March 1996. Over the coming months there will accordingly be much agonising in newspapers and on Wall Street about whether Bill Clinton will reappoint him or pick his own man. If Mr Clinton is wise he will keep Mr Greenspan: he has been a good chairman. But if the Fed does not need a new boss, it does need a new job description.
Over the past decade, Congress has tried several times to prune the Fed's power and make it more "accountable" (ie, force it to pay more heed to the sometimes ill-founded advice of politicians). The Fed does need to be reformed, but ...