Plosser slams Senate proposals on Fed reforms
In an open letter sent to the Senate Banking Committee on Tuesday, Charles Plosser, the president of the Philadelphia Federal Reserve, criticised plans to make the New York Fed president a political appointee.
Federal Reserve Bank presidents are selected by their boards of directors, subject to the approval of the Board of Governors in Washington.
Under the Senate Committee Bill passed last month, the powers to appoint the New York Fed president will shift from the regional board of directors at
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