Fed structure may be in flux, not just rates

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https://shorturl.fm/CTepv

LONDON, Aug 11 (Reuters) - Whatever happens at September's Federal Reserve meeting will pale in comparison to a wholesale rethinking of the U.S. central bank's design, a possibility stirred by Donald Trump's latest appointment.

The president nominated White House advisor Stephen Miran to temporarily fill Adriana Kugler's vacant Fed board seat, reheating a debate about whether the Fed structure, its independence, and even its central role in the monetary economy should now become live questions.

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How real this gets.

 

[Hol]

Trump selects Stephen Miran to fill empty post on the Federal Reserve Board​

President Donald Trump on Thursday announced that he has selected Chairman of the Council of Economic Advisors Stephen Miran to fill an empty spot on the Federal Reserve Board on an interim basis.

Miran will replace former board member Adriana Kugler, who was appointed by former President Joe Biden in 2023, per CNN. Her term was expected to end in January, but she resigned unexpectedly last week.

"It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026. In the meantime, we will continue to search for a permanent replacement," Trump posted on Truth Social.

Trump selects Stephen Miran to fill empty post on the Federal Reserve Board

Miran will replace former board member Adriana Kugler, who was appointed by former President Joe Biden in 2023. Her term was expected to end in January, but she resigned unexpectedly last week

justthenews.com

 

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The Federal Reserve’s power: Congress giveth and Congress can taketh away​

• Congress created America’s central banking system with the Federal Reserve Act in 1913 and can amend the law to modify the Fed’s authority or mission. That’s as the Fed faces questions about its independence and role in the economy amid pressure from the White House to lower interest rates.

The White House’s relentless pressure on the Federal Reserve has kindled a debate on the central bank’s independence and role in the economy.

Paywall warning…

The Federal Reserve's power: Congress giveth and Congress can taketh away

"Don't forget, our Federal Reserve is not at all a part of our Constitution. It's a creature of the U.S. Congress, created by the Federal Reserve Act 1913."

fortune.com

 

[TCC]

The Federal Reserve’s power: Congress giveth and Congress can taketh away​

• Congress created America’s central banking system with the Federal Reserve Act in 1913 and can amend the law to modify the Fed’s authority or mission. That’s as the Fed faces questions about its independence and role in the economy amid pressure from the White House to lower interest rates.

The White House’s relentless pressure on the Federal Reserve has kindled a debate on the central bank’s independence and role in the economy.

Paywall warning…

The Federal Reserve's power: Congress giveth and Congress can taketh away

"Don't forget, our Federal Reserve is not at all a part of our Constitution. It's a creature of the U.S. Congress, created by the Federal Reserve Act 1913."

fortune.com

This will be the third central banking system in the US to be done away with. Amen.