Core Viewpoint - The article highlights the criticism from U.S. Treasury Secretary Mnuchin towards the Federal Reserve, emphasizing concerns over its independence due to its expanded functions and the use of non-standard policies [1][2]. Group 1: Criticism of the Federal Reserve - Mnuchin argues that the Federal Reserve's overreach in its responsibilities has jeopardized its credibility and political legitimacy, calling for a comprehensive review of the institution [1][2]. - The article indicates that the Trump administration's criticism of the Federal Reserve has escalated, questioning not only the need for interest rate cuts but also the overall operational model of the Fed [1][3]. Group 2: Call for Independent Review - Mnuchin demands an honest, independent, and non-partisan review of the entire Federal Reserve, including its monetary policy, regulation, communication, staffing, and research [3]. - He expresses anticipation for a response from the Federal Reserve regarding his call for an internal review, emphasizing that good management is achieved through action rather than mere discussion [3]. Group 3: Regulatory Framework Concerns - Mnuchin criticizes the Dodd-Frank Act for significantly expanding the Federal Reserve's regulatory scope, which he believes has blurred the lines between monetary and fiscal policy [4]. - He suggests a more coherent framework where the FDIC and OCC lead bank regulation while the Federal Reserve focuses on macro monitoring, lender of last resort liquidity, and monetary policy [4]. Group 4: Monetary Policy Experimentation - Mnuchin compares the Federal Reserve's new operational model to an uncontrolled experiment, indicating that the unconventional monetary policy tools released post-2008 financial crisis have altered the Fed's policy framework with unpredictable consequences [5][6]. - He cites the Fed's failure to accurately predict GDP growth, highlighting a significant overestimation of over $1 trillion in GDP during the recovery period [6]. Group 5: Inequality and Quantitative Easing - The article discusses Mnuchin's criticism of the quantitative easing (QE) policies post-2008, arguing that they disproportionately benefited asset owners and exacerbated wealth inequality [7]. - He points out that while large corporations benefited from low-cost debt, younger and less affluent families were left behind, suffering the most from inflation and missing out on asset appreciation opportunities [8]. Group 6: Employment Data and Federal Reserve Accountability - The article notes that the recent non-farm payroll report showed only 22,000 jobs added in August, significantly below expectations, leading to further blame directed at the Federal Reserve from Trump administration officials [9]. - Trump and other officials assert that the Fed's high-interest rates are hindering economic growth and that a reconsideration of policy is necessary in light of the weak employment data [10].

在美联储与总统特朗普关系紧张之际，4月25日，备受关注的美联储主席潜在继任者、特朗普盟友凯文· 沃什（Kevin Warsh）在华盛顿出席"三十国集团"（Group of 30）活动并发表演讲。 然而这份警示终被漠视。如今的美联储已深度介入美国政府的各项经济决策，其角色定位愈 发模糊。在我看来，这种"全天候、全方位"的权力扩张，正在引发宏观经济政策的系统性 偏差。当央行试图扮演"经济总规划师"而非专注本业时，职能错位导致双重恶果：既未能履 行维持价格稳定的法定职责，又助推了联邦支出的无序膨胀。更严重的是，这种越位表现正 侵蚀着货币政策独立性的正当性基础。 当前美国财政正走向危险境地，特别是疫情后的支出狂潮堪称失控。在此过程中，美联储难 辞其咎：经济寒冬时鼓动财政发力，却在复苏期对财政纪律保持缄默。货币政策制定者本应 谨守本分，若执意对财政政策置喙，至少应保持立场的连贯性。 作为量化宽松（QE）政策的设计参与者，我始终认为其在危机时刻的应急价值。2008年我 们将利率压至零区间，创新采用资产购买工具为冻结的市场注入活水——这在当时是必要且 明智的抉择。 作为前美联储理事和曾被特朗普考虑担任财政部长的人选，沃什被 ...