Plosser defends regional Feds’ rate-setting role


The presidents of the 12 regional Federal Reserves deserve a say in the United States's monetary policy, Charles Plosser, the president of the Philadelphia Federal Reserve, said on Wednesday.

"The 12 regional reserve banks give the Federal Reserve deep roots in the nation's communities, which allows the system to better understand various aspects of the economic diversity of our country and to stay in touch with Main Street, not just Wall Street," Plosser said. "Reserve banks also have branch bo

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