Magazine July 1, 2021, Issue

Against a Social-Justice Fed

The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. (Smith Collection/Gado/Getty Images)
Its job is to adjust interest rates and protect jobs, not change society

It must be extremely tough to be a central banker these days. I’m not saying that with tongue in cheek; serving in a decision-making role at the Federal Reserve in 2021 has to involve a very high level of burdens relative to the mild satisfaction it may occasionally offer. What’s worse is that Congress keeps piling new duties onto the Fed’s already busy agenda — and now the burgeoning identity-politics movements have added several more balls to the juggling act.

If there were nothing else to the job, the Fed’s dual mandate would be troublesome enough by itself. In 1977, Congress …

This article appears as “The Jack-of-All-Trades Fed” in the July 1, 2021, print edition of National Review.

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In This Issue

What Is Woke Capitalism?

What Can Be Done?

Books, Arts & Manners


The Week

The Week

Instead of leading the scientific consensus, Anthony Fauci merely stands in front of it, even as it contradicts itself.


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