House’s Frank Renews Push to Oust Regional Presidents From FOMC
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U.S. Representative Barney Frank, the top Democrat on the House Financial Services Committee, is renewing a push to remove Federal Reserve regional presidents from voting on central bank interest-rate decisions.
Frank, of Massachusetts, will submit a new version of legislation to cut the voting rights of five rotating regional representatives from the 12-member Federal Open Markets Committee, he said today. The revision of Frank’s May proposal calls for replacing them with four presidential appointees, according to a position paper released by his office.