Regional Fed Leaders Face Test Amid Independence Debate
Regional Fed leaders defend their roles as political and legal challenges mount. Debates over leadership and firing powers test the bank's independence.
Xurve View
Xurve View
The regional banks of the Federal Reserve are emerging as a primary battleground in the ongoing struggle over the central bank's independence. Mary Daly, President of the San Francisco Federal Reserve, recently highlighted the unique position of these 12 regional leaders, who are not elected by the public or chosen by elected officials. Instead, they are selected by local boards of directors, a process Daly argues is essential to the democratic legitimacy of the United States financial system.
Look back to the original act ... You create these regional Feds and you make the selection of those policymakers different than the selection of the ones in D.C.
