**[Federal Reserve Faces Power Transition, "System Reset" Controversy Intensifies]** Golden Finance reported on May 15 that *The New York Times* stated Federal Reserve Chairman Jerome Powell is set to step down, with Kevin Warsh taking over the position. This personnel change is seen by outsiders as marking the U.S. monetary policy system's entry into a "repricing phase." Before assuming office, Warsh proposed structural reforms for the Federal Reserve, including reevaluating inflation models, reducing the size of the balance sheet, decreasing the frequency of forward guidance usage, and strengthening coordination with the Treasury Department on the allocation of government bond assets. He also criticized the Federal Reserve for "functional expansion" and excessive market intervention in recent years. Warsh's reform proposals have sparked debate on Wall Street and in academia. Some former officials believe the Federal Reserve needs to optimize its forecasting models and communication mechanisms. Others argue that external political pressure is itself undermining the central bank's independence, potentially leading to greater systemic risks.