Fed presidents push back against calls for governance reform
Presidents say mixed public-private funding and governance helps protect the independence of the regional Feds, though others warn private banks are having too much say in policy
Two regional Federal Reserve presidents resisted calls for a shake-up of governance at their institutions during testimony on September 7.
Esther George of the Kansas Fed and Jeffrey Lacker of the Richmond Fed both argued the current model helps protect the regional Feds from meddling by government. Appearing alongside them, however, economics professor William Spriggs said the system was failing to reflect the diversity of local people and did not protect workers' rights.
Under the current
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