Kevin Warsh, a former Federal Reserve governor, advanced an important critique of the U.S. central bank last month, accusing it of mission creep with disastrous consequences for the economy and its own public standing.
The April speech, delivered in Washington D.C. to a collection of economic policy dignitaries known as the Group of 30, was consequential in part because Warsh is a former insider of the Fed; he deserves some credit for offering reasoned skepticism of a generally insular institution. It’s also important because Warsh might soon run the Fed. He’s widely considered a leading contender for the job when Jerome Powell’s leadership term expires next year, and has reportedly advised the president peripherally on central bank matters.
