A Department of the Economy?

When the Federal Reserve System was created in 1913, it was in an effort to stabilize the US national economy, which was beset by panics and fraud. It is a semi-independent government agency, with its Board of Governors appointed by the President, and the individual bank presidents selected by the member banks.
  The Federal Reserve was created before Keynes, before there was a macroeconomics worthy of the name. To implement the insights of Keynes, which is to say, to implement macroeconomic management policies based on our best knowledge, we need a Department of the Economy, which has power over the whole of national economic policy, and laws that order that policy, so that this power is exercised in a democratic fashion.