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(5) We should set up certain definite criteria according to which our monetary policy should be carried out.
Up to the present time [[United States Congress|Congress]] has merely given our monetary agencies certain broad powers, with no explicit directions as to how those powers should be used. Today we have no clear and definite standard by which to measure success or failure and, consequently, there is no way by which we can tell clearly and definitely whether the
For instance, our most powerful monetary agency, the Board of Governors of the Federal Reserve System, proceeds on the basis of a broad statement of general principles which it published in September, 1937. This is not the law, but merely an expression of opinion on the part of the members of the Board as to what they, at that particular time, thought they ought to do. There is no compulsion about it. It is not binding on the Board itself. It said:
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