To help Main Street, the Fed simply needs to stop incentivizing speculation over investment and end policies that have shifted wealth and income to the top of the wealth pyramid.
If there is anything about Federal Reserve policy that is now widely accepted as self-evident, it is that Fed policies have further enriched the super-rich and vastly widened wealth inequality. That this is now mainstream is remarkable, for it completely blows apart the Fed's PR claims to be "serving the people" by boosting inflation and making it easy for the super-wealthy to borrow unlimited sums of new money at near-zero rates.
As I noted in The Federal Reserve, Interest Rates and Triffin's Paradox, there is no way Fed policy can be win-win-win for all participants. As I explained in Why the Fed Has to Raise Rates, the Fed's unspoken Prime Directive is maintaining U.S. and dollar hegemony, and this requires a strong dollar, which pressures exports and Corporate America's global sales and profits.
You can't it both ways: you can't weaken your currency to boost exports and retain a global reserve currency.
But the Fed is also in another lose-lose conflict: the public-relations fight for its political legitimacy. Though it generated very little news flow, you can be sure Fed insiders saw the writing on the wall when the House of Representatives approved a measure to audit the Fed--in essence, a move to bring the Fed to heel.
If the Fed continues to enrich the super-rich at the expense of the rest of us, there will be political consequences.
The Fed is now being forced to deal with the blowback of its policies that have enriched Wall Street at the expense of Main Street.
So how can the Fed help Main Street?