Fed's Warsh pushes inflation overhaul in first House testimony
What's new: Two months into the job, he said five Fed task forces are reviewing communications, technology, the balance sheet, data and inflation policy.
Federal Reserve Chair Kevin Warsh used his first House testimony Tuesday to press for a broad overhaul at the central bank as he vowed to stamp out inflation. Speaking to the House Financial Services Committee, Warsh said the Fed needed a "regime change" in policy and argued the recent inflation surge had imposed an unfair cost on households and businesses. He said five task forces are now examining the Fed's communications, technology, balance sheet, economic data and approach to inflation. Lawmakers also pressed Warsh on the Fed's independence after President Donald Trump publicly pushed the previous chair, Jerome Powell, to cut rates. Warsh did not directly engage that criticism and said he would continue doing his job.