Congressman Kevin Brady, Republican from Texas, is calling for a Centennial Monetary Commission to review the performance of the Federal Reserve over the last Century. Steve Horwitz recently wrote an op-ed at U.S. News endorsing the idea.
In my view, the Great Depression was strike one. The Great Inflation was strike two. The Great Recession was strike three.
I think it is time for fundamental change. I don't think the Federal Reserve has mostly done a good job. I have no interest in protecting the Fed.
On the other hand, I am not at all sympathetic to returning to the monetary regime (and banking system) the U.S. had developed circa 1913.
And there is little doubt that a Centennial Monetary Commission could make recommendations, that if acted upon, would result in a much worse system.
But the monetary regime in the U.S. is broken. I am willing to take some chances to see it fixed.