Fed governors are losing influence, financial historian argues
Peter Conti-Brown examines the eroding influence of the democratically accountable members of the FOMC
The influence of Federal Reserve governors is not what it used to be, and the central bank should address several issues to restore Congress’s original vision, argues financial historian Peter Conti-Brown.
In a recent paper, the assistant professor at the University of Pennsylvania examines how the authority of Fed governors has “atrophied” over the course of the past century. He draws on data from Federal Open Market Committee (FOMC) participation rates, governor and Fed president tenure
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