The U.S. Treasury, and the Exciting Arrival of David Malpass

With Janet Yellen expected to depart after her first term, interviewers frequently ask me whom I would choose as her replacement as Chairman of the Federal Reserve.  My answer is always the same: David Malpass. 

While the Federal Reserve presently serves no useful purpose such that its shuttering would affect a tiny percentage of the U.S. whole, the reality is that it still exists.  And it's going to exist for a long time.