Washington makes play to name NY Fed chief

christopher-dodd

The head of the Federal Reserve Bank of New York will be appointed by the US president and subject to confirmation by the Senate, under the financial sector reform bill tabled on Monday by the Senate's committee on banking, housing and urban affairs.

At present, as with all the regional Fed banks, the president of the New York Fed is elected by its board of directors. Six out of nine of these directors are chosen by banks who are supervised by the New York Fed itself.

Members of the Fed's Board

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