The Board of Governors consists of seven members elected by the public every four years.

Steve Forbes has run for president twice on a program of a "flat tax." Under a flat tax, there would be only one tax bracket for the federal income tax and most tax deductions and tax exemptions would be eliminated

Suppose that Forbes wins the 2016 presidential election. What would be the likely impact on the market for municipal bonds?

Suppose that most government spending was on capital goods that contribute to economic growth. How would that affect the Ricardian equivalence debate?

What will be an ideal response?