Revolving Doors: Stephen Miran's Bold Vision for the U.S. Federal Reserve

Stephen Miran, nominated by President Trump to the Federal Reserve Board, aims to reform the institution. His proposals include granting the U.S. President authority over Board members and shifting monetary policy control to regional Federal Reserve banks. Miran's nomination has sparked debate over the Fed's independence.

Stephen Miran, known for his critical stance on the 'revolving door' between the U.S. executive branch and the Federal Reserve, has been nominated to the Fed's Board of Governors by President Trump. Miran intends to overhaul the central bank's structure significantly.

Miran's proposals include empowering the U.S. President with the authority to dismiss Board members at will, and giving greater control over monetary decision-making to the 12 regional Federal Reserve banks. This approach, termed 'monetary federalism,' aims to increase accountability but has raised concerns about politicization.

Miran's nomination has ignited discussions on the Fed's independence, with global markets and U.S. Senators closely watching how this potential shake-up might affect inflation control and overall economic policy-making.

(With inputs from agencies.)