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The Many-Headed Fed

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Over at the Big Money, Heidi Moore worries about the power lost by regional Federal Reserve presidents. "As conceived by the creators of the Fed, the regional presidents are its populist conscience—and owe nothing to headquarters, Congress, or big banks—although they can’t make much policy in their five-year terms. And these officials are commanding more attention following a slavish media response during the financial crisis. But the Fed ignores their views at its own peril. The central bank has become almost inconceivably powerful and unaccountable as the architect of trillion-dollar bailouts. It is arguing for more supervisory power but has yet to explain its significant failings as a regulator. So its old secrecy won’t suffice anymore."
SOURCE:   The Big Money