Manhattan Institute - Stephen Miran and Daniel Katz - Proposing to Reform Fed Governance to Enhance Accountability and Executive Control - 提议改革美联储治理以加强问责与行政控制

Is it time to radically reform the Federal Reserve's governance, even if it means sacrificing its independence for greater accountability?

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by Jason & Jarvis
Manhattan Institute - Stephen Miran and Daniel Katz - Proposing to Reform Fed Governance to Enhance Accountability and Executive Control - 提议改革美联储治理以加强问责与行政控制
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Executive Summary

The recent interim appointment of Stephen Miran to the Fed's Board of Governors by Donald Trump is a key political signal, suggesting that the radical reform agenda detailed in Miran's report—aimed at fundamentally reshaping the Fed's governance structure and strengthening executive branch control—may be put on the agenda. The report harshly criticizes the Fed's recent politicization, mandate creep, and lack of accountability, proposing a series of measures to enhance democratic accountability (or government control, in the eyes of critics). This discussion surrounding the Fed's independence is unfolding against a sensitive macroeconomic backdrop, with the U.S. economy facing weakening ISM data and concerns of stagflation triggered by tariff pass-through.

Trump's Appointment of Miran as Interim Governor May Signal Radical Reforms for the Fed

Donald Trump's appointment of Stephen Miran as an interim Fed Governor last week is being interpreted by the market as a signal that Trump is moving further and faster down the path of "hollowing out" the Fed.

  • Stephen Miran is the co-author of a report from last year on reforming the Fed's current framework [...].
  • Some critics point out that the report "pays lip service to increasing the Fed's independence while its content is all about increasing government control over the Fed," believing its proposals are designed to weaken the Fed's independence.

Existing Problems at the Fed Identified by the Report: Lack of Accountability, Mandate Creep, and Institutional Design Flaws

In a report published by the Manhattan InstituteStephen Miran and Daniel Katz systematically identified several core issues contributing to the Fed's declining effectiveness, arguing that it has transformed from a technocratic institution into a political one.

The Report's Proposed Comprehensive Reform Framework: Reshaping Governance to Strengthen Accountability

To address the aforementioned issues, the report proposes a comprehensive reform framework [...] aimed at balancing independence with democratic legitimacy.

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Key Logic

近期特朗普Stephen Miran的临时理事任命是一个关键的政治信号,预示着其报告中所详述的、旨在从根本上重塑Fed治理结构并加强行政部门控制的激进改革方案可能被提上议程。这份报告严厉批判Fed近年来的政治化、职责蔓延和问责缺失,并提出了一系列旨在加强民主问责(在批评者看来是政府控制)的措施。而这一系列关于Fed独立性的讨论,正发生在美国经济面临ISM数据走弱、关税传导引发滞胀担忧的敏感宏观背景之下。

特朗普任命Miran为临时理事,或预示美联储将迎激进改革

特朗普上周任命Stephen MiranFed临时理事,这一举动被市场解读为特朗普在“架空”Fed的道路上走得更远更快的信号。

  • Stephen Miran是去年一篇关于改革Fed现行框架报告的合著者。
  • 部分批评指出,该报告“口口声声说是为了增加美联储的独立性,内容全是增加政府对联储控制的内容”,认为其提议旨在削弱Fed的独立性

报告指出的美联储现存问题:问责缺失、职责扩张与机构设计缺陷

Stephen MiranDaniel KatzManhattan Institute发布的报告中系统性地指出了Fed有效性下降的几大核心问题,认为其已从技术性机构转变为政治性机构。

报告提出的全面改革框架:重塑治理以加强问责

为解决上述问题,报告提出了一套旨在平衡独立性与民主合法性的全面改革框架。

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by Jason & Jarvis

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