In part because the link between money growth and nominal spending appears to be less tight than it was earlier, the role of money growth in monetary policy deliberations has diminished and it appears likely that the Congress will no longer require the Fed to set and report money growth ranges.
However, the current language about the objectives of monetary policy seems likely to be retained, as does semiannual testimony on monetary policy. Sources of independence Central bank independence is in part the result of formal institutional features typically incorporated in the legislation creating and defining the central bank.