Rep. Frank looks to overhaul the Fed

By Peter Schroeder – Rep. Barney Frank (D-Mass.), the ranking member of the House Financial Services Committee is setting his sights on the five seats on the Federal Open Market Committee (FOMC) occupied by regional presidents of Federal Reserve Banks.

Frank argued in a lengthy statement that since the regional presidents are the only ones who are not required to be nominated by the president and confirmed by the Senate, it allows for a “self-perpetuating group of private citizens” to place a significant thumb on the scale of monetary policy. more>


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