Barney Frank, a US Congressman, on Tuesday tabled legislation that, if passed, would rescind the rate-setting rights of regional Federal Reserve presidents.
At present, five regional Fed presidents vote at Federal Open Market Committee (FOMC) meetings, at which interest rates are set. The committee also votes on, and determines the level of, the Fed's asset purchases. The seven of the 12 regional presidents that don't vote still sit on the FOMC.
Frank argued, however, that none of them should be