Donald Trump has distanced himself from the project, even though many people associated with his first term as president contributed to the document.

It's billed as "The comprehensive policy guide for a new conservative president, offering specific reforms and proposals for Cabinet departments and federal agencies, pulled from the expertise of the entire conservative movement." Paul Dans, the Project 2025 Director, says that the project aims "to deconstruct the Administrative State."

Chapter 24 of the 922-page document is on the Federal Reserve. It was authored by Paul Winfree, Distinguished Fellow in Economic Policy and Public Leadership at The Heritage Foundation.

The chapter is decidedly anti-Fed—it calls for abolishing the Fed altogether and returning to a commodity-backed money—but it also suggests some more politically palatable reforms that would merely limit the Fed, in case the more radical measures prove to be infeasible. Winfree lists the proposals "in decreasing order of effectiveness against inflation and boom-and-bust recessionary cycles." Free banking (which entails abolishing the Fed), and a return to commodity money are listed first.

Overall, the chapter presents a great, albeit brief, critique of government intervention in money and banking. It blames the Fed for exacerbating the cycle of booms and busts, inflating away the value of the dollar, enabling exorbitant deficit spending by the federal government, picking winners and losers in financial markets, and expanding its own power with each crisis.

From a Misesian-Rothbardian perspective, it has a few Friedmanite flaws. But assuming Donald Trump isn't going to read and adopt Rothbard's views in What Has Government Done to Our Money?, this is much better than the tepid, Fed-embracing advice from "right-wing Keynesians" during the 80s and 90s. (See "Clintonomics: The Prospects" in Making Economic Sense for more on them.)

The influence of Friedman's monetarism is not just in the third-, fourth-, and fifth-best policy compromises. The chapter begins in error: "Money is the essential unit of measure for the voluntary exchanges that constitute the market economy." The idea that money is a unit of measure leads to a host of errors in monetary theory, leading to the conclusion that the purchasing power of money should be stabilized.