TechFlow News, March 26: According to JIN10 Data, Kevin Warsh, nominee for Federal Reserve Chair, aims to significantly shrink the Fed’s $6.6 trillion balance sheet. A leading financial economist stated that accomplishing this task may require more than one term. In a new paper, Darrell Duffie, Professor at Stanford Graduate School of Business and long-time Fed advisor, argues that if the Fed wishes to substantially reduce its footprint in financial markets without causing severe stress, reforms—including overhauling bank liquidity requirements and redesigning the payment system—are necessary. Once confirmed by the U.S. Senate, Warsh could immediately implement certain reforms, provided he secures support from his colleagues. Duffie noted that other reforms could take up to five years—meaning this work would extend beyond Warsh’s four-year term as Chair.
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