With All Eyes on the Fed…House Moves to Abolish It

On Wednesday afternoon, members of the financial press from around the world focused their attention on the Federal Reserve in advance of the Federal Open Market Committee’s statement on monetary policy. At issue was how the Fed will wind down a series of programs that, while controversial, are widely believed to have prevented the U.S. economy from tumbling into a second Great Depression following the financial crisis and the Great Recession.

Meanwhile, at the other end of Pennsylvania Avenue, the House of Representatives approved a bill that, its sponsor hopes, is the first step toward doing away with the Federal Reserve and handing Congress the power to control the U.S. money supply.

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