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When, in 1971, President Richard Nixon adopted wage and price controls in an attempt to reverse the acceleration of inflation, which by then had risen above 4 percent, Brunner and Meltzer wished to form a group of "like-minded economists" to argue against the effectiveness of wage and price controls as a tool for ending inflation and in favor of a gradual reduction in money growth as a preferred alternative. Together with William Wolman, Brunner and Meltzer chose the name "Shadow Open Market Committee," as a reference to both the Federal Open Market Committee, the Federal Reserve's monetary policy making arm, and the Shadow Cabinet as the group of ministers chosen from the opposition party within the U.K. Parliamentary system.