Today, Kevin Warsh was sworn in as the new Federal Reserve chair, with his goal described as “regime change.” A new blog from Norbert Michel, vice president and director of the Cato Institute’s Center for Monetary and Financial Alternatives, and Jai Kedia, a research fellow at the Center for Monetary and Financial Alternatives, details five concrete reforms that will help achieve this regime change:

  • Reopen the monetary policy framework review.
  • Shrink the balance sheet and constrain future expansions.
  • End interest on reserves.
  • Commit to rules-based monetary policy.
  • Develop a plan to head off fiscal dominance.

To speak with Michel or Kedia on how Federal Reserve Chair Warsh can achieve regime change, contact Christopher Tarvardian.