美聯儲結構受損 急需補救

2016-05-05 20:03:09

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華盛頓市場觀察網報導,前美聯儲高官彼得·費舍爾也開始呼籲美聯儲改革。

費舍爾不是對“聖殿的秘密”表示不滿的進步分子或自由主義者。他是知情人,他曾是美聯儲的工作人員,管理過紐約聯儲的公開市場,隨後調至華盛頓擔任財政部副國務卿,負責國内的金融市場。他的名字經常出現在更加高級的經濟政策職位的決選名單上。

費舍爾在上週向影子公開市場委員會發表講話時說道:美聯儲的決策和溝通程序已經受損,這種情況已經持續了一段時間。

他說:“如果美國最高法院像美聯儲那樣運作,審判長先對重要決策做出暗示,其他法官則頻頻反對,那麼美國就會變得十分‘尴尬’。”

華盛頓聯儲委員會目前共有七名成員,其中包括聯儲主席珍妮特.耶倫和副主席斯坦利.費希爾。

美聯儲旗下還設有12家地方聯儲,這些地方聯儲的主席是由各自的委員會選舉出來的。

依據費舍爾的改革計劃,只有美聯儲主席可以留在華盛頓,而12家地方聯儲則應被合並為8家。

9名官員全部由白宮提名、參議院批準,他們將負責制定相關的貨幣政策。

費舍爾說道:通過這些改革,我們的美聯儲更加盡職盡責、更加體察民情,還能更加有效地獨立於政策週期之外。

費舍爾的計劃與達特茅斯學院教授、曾任耶倫助手的安德魯.萊文的提議不謀而合。他建議讓地方聯儲的選舉程序透明化,並禁止任何銀行家擔任地方聯儲主席等。萊文的提議已經被美聯儲改革激進組織“Fed Up”採納。

佈魯金斯學會高級研究員薩拉·賓德爾致力於研究美聯儲與美國國會之間的關系,他認為只要美國經濟狀況依舊疲軟,那麼美聯儲改革的呼聲仍將層出不窮。

賓德爾說道:只要經濟增長不暢,就會有人質疑美聯儲的經濟管理能力,就會有人呼籲美聯儲改革。如果經濟狀況有所改善,國會就會把註意力轉向別處了。

Fed’s structure is broken and needs overhaul, former insider says

WASHINGTON (MarketWatch) — Peter Fisher, a former top Federal Reserve official, has joined the growing chorus calling for reform of the U.S. central bank.

Fisher is no progressive or libertarian upset with the secrets of the temple. He is a consummate insider, a former Fed staffer promoted to run the New York Fed’s open market desk who then moved to Washington to become Treasury under secretary for domestic finance under President George W. Bush. His name was often on the short-list for even more senior economic policy jobs.

“The Fed’s decision-making and communications process is broken and has been for some time,” Fisher said in a speech to the Shadow Open Market Committee last week.

If the Supreme Court functioned as the Fed does, with the chief justice hinting at key decisions while other justices gave frequent speeches that reflected profound disagreements, the nation would be “embarrassed,” he said.

At the moment, there are seven members of the Fed board of governors in Washington, including Fed Chairwoman Janet Yellen and Vice Chairman Stanley Fisher.

And there are 12 regional Fed banks, with presidents elected by their regional bank’s board, subject to the approach of the board of governors.

Under the reform plan outlined by Fisher, only the Fed chairman would remain in Washington. And the 12 regional Fed banks would be consolidated to eight.

The nine officials would all be appointed by the White House and confirmed by Senate. These nine officials would be responsible for monetary policy decisions.

“With these changes, I believe we would have a Fed that is both more accountable to our elected representatives, and one that is more effectively independent of the political cycle,” Fisher said.

Fisher’s plan joins a recent proposal from Andrew Levin, a fellow Dartmouth professor and former top Yellen aide. Levin has proposed making selection of regional Fed presidents more transparent and banning any banker from serving as a director of a regional Fed bank. His proposals have been adopted by the Fed Up coalition.

Sarah Binder, a senior fellow at the Brookings Institution who follows the Fed’s relationship with Congress, said proposals to reform the U.S. central bank will continue to mushroom as long as the economy remains weak.

“So long as economic growth remains seemingly stymied there are going to be people asking whether reform of the Fed would help improve the Fed’s ability to manage the economy. If the economy improves, Congress will turn its attention elsewhere,” Binder said.

本文翻譯由兄弟財經提供

文章來源:http://www.marketwatch.com/story/feds-structure-is-broken-and-needs-overhaul-former-insider-says-2016-05-04

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