Fed Board nominee Milan: Not recommending handing over Fed control to the president

Federal Reserve Board nominee Michael Milan has stated that he does not recommend handing control of the Fed to the president. The Fed in the 1970s failed to raise interest rates enough to keep pace with price increases, and the inflation of the 1970s was caused by both Fed errors and supply shocks. The Fed confused nominal and real interest rates in the 1970s. (Jinshi)