Shelby Bill Would Give Regional Fed Presidents More Power
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Republican Richard Shelby, chairman of the Senate Banking Committee, plans to unveil legislation Tuesday in Washington that would force the Federal Reserve Board to share some of its powers with the system’s regional presidents.
The bill would give the regional presidents a voice in setting a key interest rate, paid to banks on their excess reserves, according to a Senate staffer who has seen a draft of the measure. The legislation would also give them a role in crafting reports to Congress on monetary policy, the person said.