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When Al Gore and reinventing-government guru Elaine Kamarck began the project, they found a government with layers of bureaucracy, outdated field offices, and obsolete rules. The project resulted in 78,000 fewer management jobs and a significant reduction in the number of regulations. While reducing the size of government, the program also reduced its complexity and boosted efficiency.
Today, the demand for very major reform is rising as Americans are confronted with more government breakdowns and declining confidence in federal agencies. The government’s reputation for incompetence and irresponsibility is at a twenty-year high and support for careers in the federal bureaucracy has dropped to an all-time low.
To address these problems, we recommend a series of reforms designed to increase the Fed’s ability to conduct monetary policy free from short-term political considerations. These include recalibrating the terms of the board and Reserve Bank leaders, altering the structure of the Federal Open Market Committee (FOMC), allowing regional Reserve Bank leadership to vote at every FOMC meeting, and cordoning off nonmonetary-policy functions such as bank regulation and crisis response from the committee. The goal is to balance increased presidential control over the Board of Governors with greater influence and accountability at the regional level, while preserving the important regional perspective that the Fed’s regional structure provides.
