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.
Exceeding Powers or Abusing Them?
English Summary
This Cato Institute analysis, authored by William Baude, argues that the second Trump administration’s law firm executive orders represent an abuse of legitimate executive powers, rather than simply exercising nonexistent authority. The orders, which penalized firms based on their affiliations and associations, demonstrate a misuse of powers like security clearance revocation and contract termination. Baude highlights the courts’ reluctance to intervene in presidential actions due to concerns about institutional consequences, emphasizing that abuses of power can be difficult to address legally. Consequently, the analysis calls for congressional oversight and public scrutiny to hold the executive branch accountable when it exceeds its constitutional bounds.
中文摘要
本 Cato 研究所的分析，由威廉·鮑德撰寫，認為特朗普政府第二任政府的律師事務所行政命令是對 legitimately 的行政權力的濫用，而非僅僅是行使不存在的權力。這些命令基於律師事務所的隸屬關係和聯繫進行懲罰，表明了利用安全許可撤銷和合同終止等權力的濫用。鮑德強調法院對總統行動的猶豫不決，源於對機構後果的擔憂，並強調濫用權力可能難以在法律上糾正。因此，這份分析呼籲國會監督和公眾審查，以追究行政部門在超越憲法界限時的責任。
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