The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
The FCC’s Public Interest Notice Is a House of Cards
English Summary
CATO argues that the FCC's public-interest doctrine, which treats broadcasters as public trustees with diminished First Amendment rights, rests on an outdated spectrum-scarcity rationale that has been rendered obsolete by cable, streaming, and the internet. The article traces how successive administrations—from Kennedy and Nixon to Trump—have weaponized FCC licensing power to coerce and punish broadcasters over their editorial choices, citing recent actions against CBS, ABC/Disney, and others. CATO calls for courts to extend full First Amendment protections to broadcasters, for Congress to repeal tools like the equal-time and news-distortion rules, and ultimately for a property-rights approach to spectrum governance that would eliminate the FCC's leverage over editorial content.
中文摘要
CATO 主張，FCC 的公共利益原則將廣播業者視為公共受託人，並削弱其第一修正案權利，其所依據的頻譜稀缺性理論已因有線電視、串流媒體及網際網路的普及而過時。文章追溯歷屆政府——從乃迪與尼克森到川普——如何將 FCC 的執照核發權力武器化，藉此脅迫並懲罰廣播業者的編輯決策，並列舉近期針對 CBS、ABC/迪士尼等業者的行動。CATO 呼籲法院將完整的第一修正案保障延伸至廣播業者，敦促國會廢除平等時間規則與新聞扭曲規則等工具，並最終採取頻譜治理的財產權途徑，以消除 FCC 對編輯內容的干預槓桿。
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