BWC Member Mark Sobel argues that criticizing the Federal Reserve misses the deeper challenges of monetary policy under political pressure and fiscal strain. The article questions whether Kevin Warsh would preserve the Fed’s central bank independence, balance sheet policy, and financial regulation amid White House demands. He argues that today’s complex, high-debt global economy demands independent and pragmatic judgment from a new Fed chair.  

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