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Kevin Warsh has launched a sweeping internal overhaul of the Federal Reserve, commissioning task forces to rethink virtually everything the central bank does in what amounts to the first major announced changes of what is being described as a quiet revolution at the institution.
The scope and deliberateness of the approach have drawn the characterization "regime change but in a velvet glove." A Wide-Ranging Internal Review The task forces Warsh has established are not confined to a single policy domain or operational function.
The mandate, as described in early announcements, covers the full breadth of what the Fed does — an unusual level of ambition for an internal review process.
That breadth is itself a signal: it indicates the overhaul Warsh has set out to execute is structural, not cosmetic.
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