Warsh and Bessent should be comfortable with such a banking maneuver from their days on Wall Street.
Insights for action, for global investors
Clients, please enter here
Most Recent Commentary
A "Fed-Treasury Accord" Could Work
Wall Street Journal
Monday, April 20, 2026
Most Recent Media Appearance
A New Era for the Federal Reserve
Wall Street Journal
Monday, April 20, 2026
Mr. Warsh has written about a new version of the 1951 Treasury-Fed Accord that left fiscal policy to the Treasury while letting the central bank focus on monetary matters.
Don Luskin nearby offers one way the two institutions could collaborate in a new Accord to shrink the balance sheet, but there are others. Mr. Warsh isn’t likely to get too specific in Tuesday’s hearing, but the direction he sets will be important. His relationship with Treasury Secretary Scott Bessent will be crucial to pulling this transition off, and by all accounts they get along well.