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.
Congress Can’t Police the Foreign Deals It Doesn’t Know About
English Summary
The article argues that Congress lacks effective mechanisms to oversee the vast number of international deals the executive branch concludes outside formal treaty processes, particularly nonbinding agreements (QNIs). Despite amendments like the Case Act aimed at transparency, oversight fails because administrations routinely miss reporting deadlines and exclude critical areas, such as Department of Defense commitments. This lack of timely disclosure and robust checks diminishes Congress's influence over US foreign policy. To regain control, the author suggests Congress must adopt stronger measures, such as automatically restricting appropriated funds for late-reported agreements or implementing 'report-and-wait' frameworks.
中文摘要
本文論點指出，國會缺乏有效機制來監督行政部門在非正式條約流程外所簽訂的大量國際協議，特別是非約束性協定（QNIs）。儘管有《案例法案》（Case Act）等修正案旨在提高透明度，但由於各屆政府經常錯過報告期限，並排除關鍵領域（例如國防部承諾），導致監督機制失效。這種缺乏及時揭露和健全制衡的狀況，削弱了國會對美國外交政策的影響力。為重奪主導權，作者建議國會必須採取更強力的措施，例如自動限制針對遲交報告協議撥付的經費，或實施「報告後等待」等框架機制。
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