Frank says Fed presidents shouldn’t vote on policy

barney-frank

An influential lawmaker has said the presidents of the 12 regional Federal Reserves should be barred from voting on monetary policy because they are not elected by politicians.

Barney Frank, the head of the House Financial Services Committee, told Bloomberg, a news wire, on Thursday: "I don't think Fed regional bank presidents should be allowed to vote on monetary policy."

The regional Fed presidents are all members of the Federal Open Market Committee (FOMC), which sets the federal funds rate.

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