A popular candidate for the chairman of the Federal Reserve: The Fed's expansionary behavior at random times has led to systemic errors in macroeconomic policies

Mars Financial News, on April 28, Kevin Warsh, a former Federal Reserve governor who is considered the top candidate to replace the current Fed Chairman Powell, wrote in an op-ed in The Wall Street Journal that "the Federal Reserve has reached the edge of its statutory and implied powers, going beyond certain long-established central bank principles and practices". The Federal Reserve's role in government economiconompolicy matters has become increasingly expansive. The Fed's all-encompassing and opportunistic expansion has ledemic errors in macroeconomic policy. Warsh believes that monetary pmakers shouldmakers avoid discussing fiscal matters. However, if the Federal Reserve chooses to overstep, it should maintain consistency in its actions during both crisis and prosperity periods. The maintenance of the Fed's independence primarily depends on the Fed itself, but this does not mean that central bank experts should be treated like spoiled princes. "When monetary policy outcomes are poor, the Federal Reserve should accept rigorous questioning, strong oversight, and bear appropriate condemnation when mistakes are made. The Fed's current predicament is largely self-inflicted. To restore credibility, repair its position, and most importantly, worse economic outcomes for citizens, it must undergo a strategic reset."