CPS: I get asked about gridlock a lot. In a world where Congress can’t, or won’t, act in a sufficiently expedient way, should the Fed act on its own, take matters into its own hands? I firmly say “no.” There are crucial rule of law issues at stake in subscribing to this lets-go-around-the-gridlock view. Our agencies and central bank are creatures of statutes, so they only have what powers our elected representatives give them. If the American people want the Fed to do something more, like proactively mitigate climate change, proactively mitigate inequality, then they should turn to their democratically representative institution to revise the Federal Reserve Act.