Last week, US President Donald Trump announced Kevin Warsh as his nominee to serve as Chairman of the Board of Governors of the Federal Reserve System. To try and better understand what we may expect from him, I went an revisited a recent conversation he had with Peter Robinson on how he would fix the Federal Reserve. Letter #316: Kevin Warsh and Peter Robinson (2025) In this conversation, Kevin shares with Peter why he believes the Fed has lost its way, and offers some solutions on how to fix it. The pair take listeners through a 360 review of the Fed, starting from the Federal Reserve's foundational purpose, their uneven historical record, and inflation being a choice rather than accident. They then dive into the 2008 Financial Crisis, the anatomy of a crisis response, and the expansion of quantitative easing. Next, they go into the costs of Fed overreach and the consequences of the Great Inflation before ending on a positive note, offering a practical agenda for fed reform and sharing an optimistic vision of America's future. [Full transcript in link in bio]