Thoughts On Improving the Fed's Governance Structure

We need to improve the deliberative process at the Fed by making it more democratic, and by ensuring true diversity of thinking. The Fed has lost the diversity of experience and perspective that used to animate and inform its debates. Power has become excessively centralized and dissents are increasingly rare. There is an urgent need to fix these problems. This piece lists ten specific improvements to the process of choosing Fed leaders, and measures that would empower those leaders, which together would ensure that diverse and informed perspectives are meaningfully represented in Fed policy debates.