Hot candidate for Federal Reserve Chair: The Fed's timely expansion has led to systemic mistakes in macroeconomic policy

Former Fed Governor Kevin Warsh, regarded by Wall Street as the leading candidate to succeed current Federal Reserve Chairperson Jerome Powell, wrote in an op-ed in the Wall Street Journal that the Fed has reached the brink of its statutory and implicit powers, going beyond certain long-entrenched central banking principles and practices.
The Fed's increasingly expansive role in government on all matters of economic policy has led to systemic mistakes in macroeconomic policy.
Mr. Warsh argues that monetary policymakers should avoid talking about fiscal matters. But if the Fed chooses to cross the line, it should do what it says in times of crisis and boom. The maintenance of Fed independence depends largely on the Fed itself. But that does not mean that central bankers should be treated like spoiled princes.