Fed member warns on inside analysis

US - Evaluations of public policy should be handled independently of the agency responsible for the policy, a member of the Federal Reserve Board said Wednesday at Western Michigan University.

"You're asking for trouble when you mandate evaluations using benefit-cost analysis, and have the agency do it itself," said Edward M. Gramlich, one of the six people on the Board of Governors of the Federal Reserve system. Gramlich also served as deputy director and director of the Congressional Budget