President Trump nominated Council of Economic Advisers Chair Stephen Miran to the U.S. Federal Reserve Board of Governors. Miran proposed radical changes to the Fed’s structure, including shifting power to regional banks and allowing presidents to fire governors. His views on Fed independence and accountability may face resistance from Senators and bond markets.

Miran criticized the Fed’s lack of accountability and poor performance, pointing to past policy decisions. His proposals for reform include increased presidential authority over the Fed and changes to the Board of Governors’ composition. While some changes would require congressional approval, Miran’s nomination could signal a shift in the Fed’s direction.

Miran’s report highlights conservative criticisms of the central bank, calling for reforms that go beyond current Fed initiatives. While some Fed governors, like Christopher Waller, have advocated for internal changes, Miran’s proposals aim to fundamentally alter the Fed’s structure and governance. His nomination could have significant implications for the Fed’s future policies and operations.

Read more at Yahoo Finance: Trump’s Fed pick wanted to upend its protection from politics