her view is that if Congress had a genuine role it would make them take it more seriously. the current arrangement allows them to just grandstand. she admits that might be naive.
Would you support making the FOMC member an elected position? It feels odd to have such vast redistributive power vested in a group that are not elected. Reserve bank governors - 5 of them are on the FOMC - are appointed by their local boards. The boards themselves are comprised of bankers and just kind of local business people choses to "represent the public". They are most CEOs of companies based in the region.
asking Congress to manage anything effectively is a risk in itself
her view is that if Congress had a genuine role it would make them take it more seriously. the current arrangement allows them to just grandstand. she admits that might be naive.
Congress #1 priority is passing a budget and they have not done that in years … not sure they can take anything seriously
Would you support making the FOMC member an elected position? It feels odd to have such vast redistributive power vested in a group that are not elected. Reserve bank governors - 5 of them are on the FOMC - are appointed by their local boards. The boards themselves are comprised of bankers and just kind of local business people choses to "represent the public". They are most CEOs of companies based in the region.