A tidal wave of regulation soon swept over much of the American business community. Labor relations, securities markets, banking, agricultural pricing, and many other segments of the U.S. economy became subject to the oversight of government.
The two goals for monetary policy—maximum employment and stable prices—are determined by the Congress and are not subject to our review. How we reach those goals is what is up for discussion. One question I hope to explore is whether we need new strategies to more effectively achieve our goals. For many years, inflation has run modestly below our 2 percent objective.