Abstract
[...]I should say that there was no greater single authority who impacted our policy deliberations when I served as chairman of the House Financial Services Committee than John Taylor. [...]the balance sheet can certainly be injurious to future taxpayers, and it is one more way that the Fed's independence could be compromised. [...]when the 2008 financial crisis occurred, the Fed asked for the power to pay interest on excess reserves. The CBO can't foresee a year in the next decade where the national debt won't rise faster than national income, which is a frightening prospect. [...]the Fed has a massive balance sheet with the assets it has bought, and it has borrowed the money from commercial banks to pay for those assets.
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