In 1913, Congress gave the Federal Reserve a clear and narrow mission: Safeguard the value of our money and support stable employment. More than a century later, the Fed has mutated into a sprawling political empire — so bloated it spends $7 billion a year and employs almost 24,000 people and still managed to lose $114 billion of taxpayer value in 2023.

Many of its top officials cling to the notion that the Fed must exist in a vacuum — immune from oversight — because of a twisted belief that “independence” justifies unaccountable power. No one should buy that argument.

The Fed, like the U.S. Department of Education, U.S. Agency for International Development and others that have come under attack by President Donald Trump’s administration, has strayed far from its original purpose. In the

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