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Former Yellen Adviser Proposes Sweeping Reform of Fed System

  • Andrew Levin urges seven-year term limits for policy makers
  • Says Fed should open up process of picking regional presidents
Janet Yellen, chair of the U.S. Federal Reserve, listens during a Senate Banking Committee hearing in Washington on Feb. 11, 2016.

Janet Yellen, chair of the U.S. Federal Reserve, listens during a Senate Banking Committee hearing in Washington on Feb. 11, 2016.

Photographer: Andrew Harrer/Bloomberg

A former aide to Federal Reserve Chair Janet Yellen has broken ranks with his former employer and issued a blueprint for a sweeping reform of the U.S. central bank, including regular government audits and shorter term limits for policy makers.

Dartmouth College professor Andrew Levin targeted four areas of change for the Federal Reserve system: make the Fed a fully public institution; ensure the process of picking regional Fed presidents is transparent; set seven-year term limits for regional presidents and Board governors; and make the entire Fed subject to external review.