Ralph Benko

The Republican National Committee recently passed a resolution, by the unanimous vote of its National Committeepeople, calling for the creation of a national Monetary Commission. This legislation is prime sponsored in the House of Representatives by Joint Economic Committee Chairman Kevin Brady (R-Tx) and in the US Senate by Republican whip John Cornyn (R-Tx).

Cato, with a representative from Heritage, recently conducted a panel on Capitol Hill on this same proposed Commission.

Policy does not grow on trees. Policy comes from people who command attention and have, and win, arguments. As the attention-commanding RNC together with two of the capital’s leading think tanks indicate, a good argument is brewing. America needs to have and win an argument about the role of good money — as in Fed policy — in fostering, rather than retarding, a climate of good job growth and equitable prosperity.

This, however, is not a partisan issue. It very much is one that loyal Democrats can, and should, embrace. Even the RNC made a nonpartisan call to action for “all political and civic leaders,” not just Republicans. Job creation through good money is bigger than partisan politics.

The RNC resolution recites

WHEREAS, The apparent consensus among both experts and laypersons is that monetary policy is a key factor in establishing a climate conducive to equitable prosperity, economic growth, rapid job creation, fiscal responsibility, and security of savings for those on a fixed income, such as retirees;

WHEREAS, Rep. Kevin Brady, Chairman of the Congressional Joint Economic Committee, thereupon sponsored legislation, H.R. 1176, introduced on March 14, 2013, calling for the creation of a bipartisan, bicameral commission to be known as the ‘Centennial Monetary Commission;’

And provides three calls to action, including calling upon “the relevant Subcommittee and Committee Chairmen in, and the Leadership of, the United States House of Representatives to give H.R. 1176 priority consideration, including bringing it up for a vote at the earliest convenient moment during this Congressional Session….”

Monetary policy — what makes good money good — has been in an historically unusual political hibernation. No longer do ambitious young politicos, like the 36-year-old silver-tongued William Jennings Bryan, declaim before their party’s nominating convention about crowns of thorns and crosses of gold (and then go on to lose their presidential race … over and over. And over.).

Ralph Benko

Ralph Benko, author of The Websters’ Dictionary: How to use the Web to transform the world. He serves as an advisor to and editor of the Lehrman Institute's thegoldstandardnow.org and senior advisor to the American Principles Project.