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View Diary: Gigantic Journalistic Investigation Begins Ripping Mask Off Bank Secrecy (89 comments)

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  •  The NY Fed has always had bankers (2+ / 0-)
    Recommended by:
    nextstep, mrkvica

    on the board, because that's part of its statutory set-up: there are representatives of the public, of bankers, and of business.

    Class A directors are required to be representative of the member banks in the District and for the most part they have been officers or directors of member banks or their holding companies.  Class B and Class C directors are required to represent the public “with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.”  Neither Class B nor Class C directors may be officers, directors, or employees of any private sector bank or bank holding company.  In addition, Class C directors may not own shares in any bank or bank holding company.  The purpose of these rules is to ensure that Reserve Bank directors will be drawn from diverse backgrounds and that various viewpoints will be brought to bear on decisions relating to the administration of the Reserve Banks, as well as upon decisions and advice with respect to monetary policy and other policies.

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