With Janet Yellen expected to depart after her first term, interviewers frequently ask me whom I would choose as her replacement as Chairman of the Federal Reserve. My answer is always the same: David Malpass.
While the Federal Reserve presently serves no useful purpose such that its shuttering would affect a tiny percentage of the U.S. whole, the reality is that it still exists. And its going to exist for a long time.
The Fed will always be with us simply because politicians will never abolish what is a convenient whipping boy every time the U.S. economy slows. Even though the…

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