"Fed mouthpiece": Milan last year criticised the "revolving door" between the Fed and the executive branch

Stephen Millan, Mr. Trump's nominee for Fed governor, has been a staunch supporter of the Fed's economic agenda and has been a strong critic of the Fed's decision to cut interest rates last year, according to Nick Timiraos. Mr. Millan last year criticised the "revolving door" between the Fed and the executive branch - the frequent swapping of jobs between government officials, members of regulators and the private sector. "Cutting the revolving door between the Fed and the executive branch is critical to reducing the incentive for officials to act in the short-term political interests of the president." In his paper, he argued for sweeping legislative changes to the Fed's governance system, citing the failure of the existing system to ensure its political neutrality. Specific proposals include allowing the president to remove Fed governors for any reason and imposing a four-year ban on Fed officials from serving in the executive branch.