Should the mandate of the US Fed be re-written?

Often we hear the Fed Chairperson say that their policy is being effected in order to fulfill their mandate to keep employment high in the US.  Realistically, in a changing world in which most jobs are service jobs and require education, this mandate should perhaps be dropped.

President Obama and his Secretaries of Education well understand the need to educate for jobs.  Political correctness sometimes masks the basic requirements for change. No one thinks the US Fed can help this process.

As we wait for the anticipated tiny rise in the interest rate, but at least a rise, the power of the Fed is patently clear.  The real question we should be asking is: Has the Fed become too powerful in the US?  Who is benefitting from Fed policies?

In the important new film “The Big Short” on character notes that Ben Benanke has just left the White House.  The character remarks:  “There’s going to be a bailout.”

On the one hand, no one stepped up to plate to address the economic crisis in 2008 except the Fed.  In anticipation of future crises, small and large, does it not behoove legislators to think about and act on a new leadership role when these inevitable events occur?