{"id":416511,"date":"2011-05-03T16:23:04","date_gmt":"2011-05-03T16:23:04","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/"},"modified":"2011-05-03T16:23:04","modified_gmt":"2011-05-03T16:23:04","slug":"barney-frank-tries-to-restructure-fed","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/","title":{"rendered":"Barney Frank tries to restructure Fed"},"content":{"rendered":"
\n

\"barney-frank.gi.top.jpg\" By Annalyn Censky, staff reporter<\/span>May 3, 2011: 1:00 PM ET<\/span><\/p>\n

NEW YORK (CNNMoney) — Rep. Barney Frank took on Wall Street as one of the writers of the sweeping Dodd-Frank financial reform bill last year. Now he is taking on the Federal Reserve.<\/p>\n

The Massachusetts Democrat announced Tuesday morning that he’s introducing a bill that would dramatically downsize the Federal Reserve’s policymaking committee, eliminating five regional Fed presidents from having a say in the central bank’s decisions.<\/p>\n

The Federal Open Market Committee, or FOMC, is structured to include 12 voting members, made up of seven Fed governors and five presidents from regional Fed banks.<\/p>\n

The committee meets eight times a year to vote on interest rates and other monetary policy decisions that affect the entire U.S. economy by influencing credit conditions, inflation and unemployment.<\/p>\n

Frank’s main complaint is with the selection process. Unlike Fed governors, the regional bank presidents are not selected by elected officials, but by a board comprised of business leaders in their communities.<\/p>\n

“These men and women are chosen by a self-perpetuating group of private citizens who disproportionately represent the private financial services industry,” Frank said in a statement.<\/p>\n

Frank believes his bill, if passed, would make the Fed’s decision-making process more transparent and democratic.<\/p>\n

But Frank’s proposal would also decrease the number of voices included in the Fed’s decision-making process — a matter that some Fed watchers say could have the opposite of its intended effects.<\/p>\n

“I’m very surprised he would be introducing this bill,” said Catherine Mann, a finance professor at Brandeis University and former Fed economist. “It doesn’t seem consistent with his thrust to make public policy more reactive to the overall economy.”<\/p>\n

Under the leadership of Chairman Ben Bernanke, Fed officials have talked to the media and the public more than ever before, even revealing disagreement within the Fed<\/a>.<\/p>\n

And lately, the regional presidents have been more likely to express dissent with Bernanke’s policies than the other Fed governors.<\/p>\n

Mann points out that stripping the FOMC of the regional presidents would leave the Fed’s decisions solely up to the governors based in Washington, D.C. and limit the board’s diversity.<\/p>\n

“Leaving it as only the Washington people, if anything narrows the range of perspective on the state of the economy — as opposed to widening it,” she said.<\/p>\n

There are 12 different Fed districts, but only five of their presidents serve on the Federal Open Market Committee at any given time. The New York Fed has a permanent voting spot, as the others rotate each year. \u00a0\"To<\/a><\/p>\n

First Published: May 3, 2011: 12:20 PM ET<\/p>\n<\/div>\n

More here:
\nBarney Frank tries to restructure Fed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Annalyn Censky, staff reporter May 3, 2011: 1:00 PM ET NEW YORK (CNNMoney) — Rep. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-416511","post","type-post","status-publish","format-standard"],"yoast_head":"\nBarney Frank tries to restructure Fed - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Barney Frank tries to restructure Fed - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Annalyn Censky, staff reporter May 3, 2011: 1:00 PM ET NEW YORK (CNNMoney) -- Rep.\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/i2.cdn.turner.com\/money\/2011\/05\/03\/news\/economy\/barney_frank_bill_federal_reserve\/barney-frank.gi.top.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Barney Frank tries to restructure Fed\",\"datePublished\":\"2011-05-03T16:23:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/\"},\"wordCount\":451,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/i2.cdn.turner.com\/money\/2011\/05\/03\/news\/economy\/barney_frank_bill_federal_reserve\/barney-frank.gi.top.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/05\/03\/barney-frank-tries-to-restructure-fed\/\",\"name\":\"Barney Frank tries to restructure Fed - 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