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 Courts Should Put the SEC’s “CAT” Back in the Bag
English Summary
CATO argues that the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT) system represents an unconstitutional expansion of government surveillance, lacking clear congressional authorization and violating investor privacy rights. The Eleventh Circuit’s prior ruling against the SEC’s funding order highlights the system’s significant cost ($150 million annually) and potential for warrantless data collection, raising concerns about Fifth and Fourth Amendment protections. CATO contends that the CAT’s scope – tracking billions of trades daily – constitutes a ‘major question’ requiring explicit legislative approval. Therefore, the courts should invalidate the recent SEC order funding the CAT until proper congressional authorization is secured.
中文摘要
CATO 認為證券交易委員會 (SEC) 的整合審計軌道 (CAT) 系統代表著一種違反憲法的政府監控擴張，缺乏明確的國會授權，並侵犯了投資者的隱私權。第十一巡回法庭之前對 SEC 資金命令的裁決凸顯了該系統的巨大成本（每年 1.5 億美元）和收集無許可數據的潛在風險，引發了對第五修正案和第四修正案保護的擔憂。CATO 認為，CAT 的範圍——追蹤每天數十億筆交易——構成了一個『重大問題』，需要明確的立法批准。因此，法院應於獲得適當的國會授權之前，無效確認最近的 SEC 關於資助 CAT 的命令。
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