Frank’s FOMC attack offers further evidence of the politicisation of Fed policy

thomas-cargill

US representative Barney Frank, the co-author of the Dodd-Frank Act and the former chair of the House Financial Services Committee, has recently tabled measures that, if passed, would mean the presidents of the regional Federal Reserves would no longer be voting members of the Federal Open Market Committee (FOMC).

Under the banner of "democratising" decision making in the Fed, the measures, H.R. 1512, have many flaws. They eliminate regional perspectives and further degrade the role of the 12

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