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George Selgin, director of the Cato Institute\u2019s Center for Monetary and Financial Alternatives, returns to *Macro Musings* to discuss his new proposal to reform how the Fed conducts open-market operations. He proposes abolishing the current primary dealer system and expanding the Fed\u2019s number of counterparties. David and George also discuss the Fed\u2019s plans for 2017 and whether it will seek to reduce its large balance sheet. David\u2019s blog: macromarketmusings.blogspot.com/ George Selgin\u2019s Cato archive: www.cato.org/people/george-selgin George Selgin\u2019s Alt-M archive: https://www.alt-m.org/author/selgin/ (contains George\u2019s monetary policy primer posts) David\u2019s Twitter: twitter.com/DavidBeckworth George Selgin\u2019s Twitter: twitter.com/georgeselgin Related links: *Money: Free and Unfree* by George Selgin https://www.amazon.com/Money-Free-Unfree-George-Selgin/dp/1944424296 \u201cReforming Last-Resort Lending: The Flexible Open-Market Alternative\u201d by George Selgin (as part of *Prosperity Unleashed: Smarter Financial Regulation* published by the Heritage Foundation) http://www.heritage.org/sites/default/files/2017-02/13_ProsperityUnleashed_Chapter13.pdf