Warsh’s Fed ‘Regime Change’ May Require Patience, Consensus

Kevin Warsh has vowed to usher in “regime change” as the new chair of the Federal Reserve, but Fed watchers say there are limits to how much he can revamp on his own — and that even in areas where he can make sweeping reform, it might be smarter for him to hold back.

On the most pivotal decisions, like ushering in changes to interest rates or the Fed’s $6.7 trillion balance sheet, Warsh would need the Federal Open Market Committee’s backing. And while the Fed chair does have full discretion over some issues, like the frequency of ...