Fed Chairman Ben Bernanke was on Capitol Hill today trying to protect the country’s central bank from an onslaught of criticism and proposals to rein in its power and autonomy. In his testimony, he forcefully asserted that the only reason the country is not currently in a depression is because of the Fed’s swift, decisive action—a feat that would be impossible if its authority were diminished. But opponents of the Fed’s current course of action, including Rep. Ron Paul, believe that a deeper audit of the Fed’s activities would show “that it’s the Fed that has caused all the mischief” in the U.S. economy.

I beg to differ, Rep. Paul. It wasn’t the Fed that targeted and leant billions of dollars to unqualified borrowers. That was companies like Countrywide and Citibank. It wasn’t the Fed who ignored reason and sound economic theory to build in markets where demand had yet to be proven. That was greedy developers looking for a quick buck. It wasn’t the Fed who created and distorted the CMBS product into a death collar. That was investment banking firms like Lehman Bros.

Yes, the Fed lowered interest rates to insanely low levels, giving the economy a much-needed kick after the attacks of 9/11. And they should never have maintained the levels they did for as long as they did. But to advocate for reducing its authority should not be made lightly. The last thing we want is to create a situation where no institution will have the ability to stem inflation or monitor lending. Do you agree?