The Federal Reserve Board of Governors nominee Milan: It is not advisable to hand control of the Fed over to the President.

Odaily News The Federal Reserve Board of Governors nominee Milan stated that it is not advisable to hand over control of the Fed to the president. The Fed in the 1970s failed to raise interest rates to a level sufficient to exceed the rise in prices, and the inflation of the 1970s was due to mistakes by the Fed and supply shocks. The Fed in the 1970s confused nominal interest rates with real interest rates. (Jin10)

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