John B. Taylor: “In my view, the Administration's plan would grant to the Fed significant new powers, more powers than it has ever had…”

Central-bank independence is very important, but it doesn't seem to have been enough to prevent these swings towards more interventionist discretionary policy compared to a rules-based policy.

I have become critical of the Federal Reserve policy regarding its unconventional policies, both before the crisis and after.

The powers are 'almost like a virus in the body politic of municipal democracy,'

I believe that the quantitative easing that really got underway after the panic in 2009 has not been effective.