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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\u2019s 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\u2019s personnel, and a lot more.

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Transcript for this week\u2019s episode.

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Stephen\u2019s Twitter: @SteveMiran

Stephen\u2019s Manhattan Institute profile

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Dan\u2019s Twitter: @DanielScottKatz

Dan\u2019s Manhattan Institute profile

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David Beckworth\u2019s Twitter:\xa0@DavidBeckworth

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Related Links:

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*Reform the Federal Reserve\u2019s Governance to Deliver Better Monetary Outcomes* by Dan Katz and Stephen Miran

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Timestamps:

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(00:00:00) \u2013 Intro

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(00:04:20) \u2013 The Fed\u2019s Issue of Picking Winners and Losers

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(00:09:17) \u2013 The Fed\u2019s Role as Bank Regulator

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(00:12:53) \u2013 The Ever-Expanding Reach of the Fed

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(00:17:50) \u2013 The Fed as a Debt Manager

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(00:23:33) \u2013 What Should the Fed Do in a Zero Lower Bound Environment

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(00:27:26) \u2013 Personnel is Policy: The Issue with Fed Personnel

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(00:29:55) \u2013 Options for Personnel Reform at the Fed

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(00:38:22) \u2013 Making the Fed President Selection Process More Robust

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(00:47:28) \u2013 The Nature of Debate at the Fed

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(00:50:53) \u2013 The Scope for Change at the Fed

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(00:53:21) \u2013 Outro