In August 2020, the Federal Reserve adopted a new monetary policy framework called Flexible Average Inflation Targeting (FAIT) to keep inflation close to 2 percent on average. This framework, however, has come under intense scrutiny for its failure to prevent the 2021–2022 inflation surge. David Beckworth and Patrick Horan argue that the Fed can improve FAIT by applying the properties of a nominal GDP-level target (NGDPLT), which targets the total dollars spent on final goods and services within the United States.