The 1951 Accord between the Treasury and the Federal Reserve was a big deal in U.S. financial history. It freed up monetary policy from supporting government bond prices, making it more focused on stabilizing the economy. While an Accord was set up for monetary policy, there isn't one for credit policy yet. Credit policy involves changing the Fed's assets without changing the money supply. Establishing an Accord for credit policy now, before fiscal concerns grow, could be really helpful in the future. The 1951 Accord showed that having an independent central bank is important for economic stability.