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This is CBS. I on the world. I'm John Batchel. John Cochran at the Hoover Institution

Professor brings to my attention questions and answers about the Federal Reserve and the role

of the Treasury and all of the money thinking that's going into our political headlines right now about independence, about the next interest rate cut, about the fate of the world, comes to questions and answers that John has put in his grumpy economist blog.

He's not grumpy. He's cheerful all the time. However,

it's a catchy introduction. Professor, I begin immediately. This is a question that is on everyone's

mind because right now what we have is a question of should financial regulation be integrated with or separated from

monetary policy. Should financial regulation be less independent of Congress and the administration,

as other regulators are? In other words, that word independence is much in the news.

Your answer now must take into account the politics of this and also

the unknowns. Drumroll, what is the answer, Professor? Well, the answer is that this is a hard

question. And there's arguments on both sides. And really, I wrote the thing to tee up the questions

that we need to think hard about.

Now, let's just clarify the issue. The Fed is more independent than agencies like the SEC and the EPA and so forth.

It's members serve longer terms. And there's a tradition of the government not being involved for good

reasons where monetary policy is concerned. But the Fed also regulates and supervises banks,

...