Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve's Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank's personnel, and a lot more. Transcript for this week's episode. Stephen's Twitter: @SteveMiran Stephen's Manhattan Institute profile Dan's Twitter: @DanielScottKatz Dan's Manhattan Institute profile David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Related Links: *Reform the Federal Reserve's Governance to Deliver Better Monetary Outcomes* by Dan Katz and Stephen Miran Timestamps: (00:00:00) – Intro (00:04:20) – The Fed's Issue of Picking Winners and Losers (00:09:17) – The Fed's Role as Bank Regulator (00:12:53) – The Ever-Expanding Reach of the Fed (00:17:50) – The Fed as a Debt Manager (00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment (00:27:26) – Personnel is Policy: The Issue with Fed Personnel (00:29:55) – Options for Personnel Reform at the Fed (00:38:22) – Making the Fed President Selection Process More Robust (00:47:28) – The Nature of Debate at the Fed (00:50:53) – The Scope for Change at the Fed (00:53:21) – Outro

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“What did the council decide on item 42?” — answered with the speaker and the moment.