Kevin Warsh, President Donald Trump’s nominee to replace Jerome Powell as chair of the Federal Reserve, called for a “regime change” at the central bank.
Appearing at his April 21 confirmation hearing, Warsh reaffirmed the importance of Fed independence, but touted reforms to restore the century-old institution’s credibility.
“Once you let inflation take hold in the economy, it’s more expensive and harder to bring it down, and so the fatal policy error going back four or five years is still a legacy that we’re dealing with,” Warsh told the Senate Banking Committee.
“I think that means a regime change in the conduct of policy. I think that means a different, new inflation framework.”…