The Hoover Institution hosted "Central Bank Governance & Oversight Reform: A Panel Discussion" on Tuesday, December 6, 2016 from 10:00am - 12:00pm EST.
A discussion of Central Bank Governance & Oversight Reform was held with economists and former Fed officials Michael Bordo, John Cochrane, Charles Plosser, John Taylor, and Kevin Warsh.
Central bank governance and oversight is contentious with conflicting public attitudes and heated debates in Congress about proposed legislation to constrain the Fed's actions and interventions. Successful monetary policy and financial regulation require a careful balance between Fed independence, guidance by statutes limiting and governing the Fed's behavior, and oversight by elected officials. How should we balance the central bank's authority and independence with needed accountability and constraints? How can statistical analysis, history and practical experience be used to evaluate proposed legislation, including that which would require the Fed to describe its monetary policy rule or strategy?
Hoover Institution fellows Bordo, Cochrane, Plosser, Taylor, and Warsh lead off the discussion with presentations which were followed by questions, debate and audience discussion. The presentations were drawn from new book Central Bank Governance & Oversight Reform published Hoover Institution published by Hoover Institution and other writing by Hoover Fellows.