ALLAN MELTZER: The Federal Reserve’s Failures. “Recently, Stanford economist John Taylor and I circulated a statement calling on Congress to require the Federal Reserve to choose and adopt a rule—a clearly stated way to make its decisions—that would permit anyone to predict its future actions. Several Nobel Laureates with longstanding interest in and contributions to economic policy have signed the statement. A number of former Fed policymakers and senior staff signed the statement too. The House of Representatives has adopted the proposal. It could become law.”