US lawmaker presses for change to FOMC voting system

fomc

Barney Frank, the US Financial Services Committee minority leader, on Monday said a bill to reform the voting system at the Federal Open Market Committee (FOMC) would be amended to enable four new external seats to be created on the rate-setting committee.

In April, congressman Frank introduced a bill that would stop regional Federal Reserve presidents from voting on the FOMC.

The current FOMC consists of 12 members – seven members of the board of governors, who are nominated by the President an

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