As Kevin Warsh was sworn in as Fed Chair, BWC Member Kathryn Judge discusses the central role of the 12 regional Federal Reserve Banks in an article published in The Wall Street Journal co-authored with Mickey D. Levy. They argue that the new chairman should appreciate the benefits of the central bank’s federalist structure. From San Francisco to Boston, the 12 regional banks play a key role in the Federal Reserve system, making it both more independent of the president and more accountable to Congress and the public. This is all the more essential at a time of diminished credibility of central government institutions.

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.