Powerful governance, diverse wisdom, Federal Reserve.

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TLDR: Changes in governance practices at the Federal Reserve may have contributed to poor performance in 2021-2022, according to Jeffrey Lacker, the former president of the Federal Reserve Bank of Richmond. Lacker argues that the Fed’s delayed response to the surge in inflation during this period was a significant error and that stronger governance could have prevented this. Lacker suggests that a more diverse Federal Open Market Committee (FOMC) could have provided a wider range of perspectives and mitigated the risk of groupthink. He also advocates for greater accountability and transparency in the Fed’s decision-making process. Overall, Lacker emphasizes the importance of good governance in ensuring favorable outcomes for the central bank.

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