Rep. Frank wants banks' role reduced in choosing regional Fed chiefs

06/15/2010 | Bloomberg

Rep. Barney Frank, D-Mass., suggested forgoing a provision that would make the Federal Reserve Bank of New York president a White House appointee. Instead, Frank suggested reducing the role commercial banks play in selecting presidents of the 12 regional Fed banks. Sen. Christopher Dodd, D-Conn., wants the New York Fed president to be a political appointee to avoid conflicts of interest.

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