Iriemon, before even considering the Fed for the task, one must cite the authority in the constitution for its mere existance in the first place.

And no, I would never consider handing the task over to Congress. I'd much rather the people exclusively decide interest rates via supply and demand of money, and replace the Fed with nothing. Gold discoveries typically grow the supply at a rate of around ~2% per year. That's plenty of inflation, or growth if you will, to sustain a prosperous working economy. Milton Friedman suggested increasing the money supply at a steady 2% per year for adequate growth. I'm at a loss for understanding why, with this basic example, a gold standard would be so horrible.