FOMC Revolt ?

Tuesday, December 09, 2008 | 11:30 AM

Interesting FOMC fight developing over the powers of the Chairman versus the governors:

"Federal Reserve’s interest-rate target is getting close to zero, and so is the power of the Fed’s regional bank presidents.

The district chiefs’ authority over borrowing costs has been marginalized in the past two months as Chairman Ben S. Bernanke and the Fed Board of Governors in Washington made their own decisions on emergency measures to flood the economy with cash.

“The Board has usurped authority,” said William Poole, former president of the St. Louis Fed and now a senior fellow at the Cato Institute in Washington. “This dramatic change in policy direction has not been announced or even acknowledged.”

Continued here

Tuesday, December 09, 2008 | 11:30 AM | Permalink add to | digg digg this! | technorati add to technorati | email email this post


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