In the absence of a monetary rule, a central bank is vulnerable to politicization. In the case of the United States, Congress delegated monetary authority to the Federal Reserve in 1913 and has increased the scope of that authority over time, especially following crises. However, Congress has never enacted an explicit rule to guide Fed policy, and it has used the Fed as a scapegoat when things go awry.

Judicial decisions that vest independent power in the president in external affairs come at high cost to constitutional principles, congressional authority, the system of checks and balances, and public trust in government.