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The article on Economist Making Fed Great Again says:

That matters because Republicans have long sought to overhaul the central bank by subjecting its monetary policy decisions to review by the Government Accountability Office, which scrutinizes policies on behalf of Congress.

So I want to know what are the attitudes of the two parties towards the central bank. And maybe a little brief explanation of the relationship between the central bank and Congress.

  • Attitudes towards central bank generally align on populist/establishment axis, and not a neat ideological left/right D/R axis. This one of those things where OWS and Tea Party had some common ground, kinda, if you squint hard enough. – user4012 Feb 12 '17 at 1:13
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Central banks control the money supply to correct the business cycle.

Governments like to control the money supply to correct the next election.

When business cycles and election years get out of sync then you have the US inflation of the 1970s

Independent central banks are the generally accepted economist's solution to this. Unfortunately one party's voters think the banks are the ultimate evil and the other side's think that un-elected bureaucrats are the ultimate eveil

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