Dear Mr President
I realise that the Fed is a dilemma for you but I think I may be able to help. Abolition would be best, of course, but I realise that you need somebody that you can blame. I think we should therefore return to basics:
The 2nd best solution for the Fed is to appoint an idiot and his dog. The idiot should have a PhD in economics, a track record of disastrous policy recommendations and a history of sucking up to the banks. In short: it’s important that he’s never done an honest day’s work in his life.
The dog requires only a good set of teeth.
The idiot's job is to feed the dog, and the dog's job is to bite the idiot if he goes anywhere near the economy. You should go for the best and enquire if Larry Summers has a dog.