Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more. &nbsp; Transcript for this week’s  &nbsp; Stephen’s Twitter:  Stephen’s Manhattan Institute  &nbsp; Dan’s Twitter:  Dan’s Manhattan Institute  &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the ! Join the new Macro Musings ! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings  &nbsp; Related Links: &nbsp;  by Dan Katz and Stephen Miran &nbsp; Timestamps: &nbsp; (00:00:00) – Intro &nbsp; (00:04:20) – The Fed’s Issue of Picking Winners and Losers &nbsp; (00:09:17) – The Fed’s Role as Bank Regulator &nbsp; (00:12:53) – The Ever-Expanding Reach of the Fed &nbsp; (00:17:50) – The Fed as a Debt Manager &nbsp; (00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment &nbsp; (00:27:26) – Personnel is Policy: The Issue with Fed Personnel &nbsp; (00:29:55) – Options for Personnel Reform at the Fed &nbsp; (00:38:22) – Making the Fed President Selection Process More Robust &nbsp; (00:47:28) – The Nature of Debate at the Fed &nbsp; (00:50:53) – The Scope for Change at the Fed &nbsp;  (00:53:21) – Outro

Dan Katz and Stephen Miran on Reforming the Federal Reserve’s Governance

Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.