Tuesday, March 16, 2010

Dodd Bill Would Make NY Fed Chief an Appointee of the President

This should help crank up inflation and locate more power in Washington D.C.

Senator Dodd's bill calls for the head of the New York  Fed to be named by the President.

Currently, the New York Fed's president is chosen by a nine-member board of directors, which includes heads of banks it regulates, with consent from the Fed's Board of Governors. This certainly is not a system that is without opportunities for abuse of power, but at least it distributes power among various groups, and therefore there is a bit of dilution of the power.

The Dodd bill simply puts all the power under the control of the President.

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