The Fed's is an independent organization created by Congress to keep our money valuable and our financial system healthy. In 1977, Congress amended the Federal Reserve Act and gave the Fed its current "dual mandate" of promoting full employment and stable prices.

Over the last 30 years, the Fed has succeeded in promoting full employment and stable prices. However, it has done so by keeping interest rates at artificially low rates, which has encouraged massive debt growth relative to GDP.

The excessive debt now threatens to drag the economy into a period of asset deflation. To avoid asset deflation, the Fed is encouraging the creation of even more debt and added liquidity. The result is increased commodity inflation.

The chaotic nature of rapid asset appreciation and debt creation followed by commodity inflation is causing malinvestment and undermining citizens' confidence in the dollar and the stability and fairness of the banking system.

As a result, the Fed's mandate should be changed to "keep our money valuable and our financial system healthy." This new mandate will ensure confidence in the dollar and the banking system, support a 'natural rate of interest,' and foster productive investment. Over the long term, productive investment is the best means for ensuring full employment and stable prices.