No Change is Good

June 20, 2014

The Federal Open Market Committee (FOMC) of the Federal Reserve Board met this week; it's the policy-making body of the Federal Reserve System. The members include the Federal Reserve Board of Governors, appointed by the president and confirmed by the Senate, and five of the regional Federal Reserve bank presidents, hired by regional boards whose majority of members are chosen by commercial banks in that region. There are two vacancies on the Board of Governors, so currently the FOMC is equally split between the Board of Governors and the regional bank presidents, giving a huge voice to the banking industry on the course of monetary policy.

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