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 JAWBONE Act Is on the Right Track to Stop Government Coercion
English Summary
The JAWBONE Act proposes a two-pronged approach to curb government coercion of private companies regarding content moderation, addressing the threat known as 'jawboning.' Key mechanisms include prohibiting government agencies from coercing platforms and establishing a private right of action, which allows individuals to sue unlawful government actors and bypass standing challenges. Furthermore, the bill mandates a transparency regime requiring agencies to publicly log and report communications with tech companies concerning specific speech content. This combination of legal accountability (punishment) and public disclosure (transparency) is intended to create a strong disincentive for federal overreach, significantly shielding American free speech from government pressure.
中文摘要
《下顎骨法案》（JAWBONE Act）提出了一種雙管齊下的方法，旨在遏制政府對私人公司在內容審核方面的強制行為，以應對所謂的「權力恫嚇」（jawboning）。其核心機制包括禁止政府機構脅迫平台，並建立私法訴權（private right of action），允許個人起訴不當的政府行為者，從而繞過原告適格性挑戰。此外，該法案還規定了透明度制度，要求各機構公開記錄和報告與科技公司就特定言論內容進行的所有溝通往來。這種結合法律問責（懲罰）與公共揭露（透明化）的機制，旨在為聯邦政府的越權行為創造強大的不作為誘因，從而顯著保護美國的言論自由免受政府壓力。
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