Some say that the Chairman of the Federal Reserve is more powerful that the President. Do you agree or disagree and why.
2006-10-22 12:00:10 · 1 answers · asked by Anonymous in Education & Reference ➔ Homework Help
The Chairman of Federal Reserve is most powerful non elected person in USA, because he oversees board that regulates how much banks have to hold in reserve, and rate they have to pay to borrow from other banks, so by these two tools they regulate the Prime Rate, which is amount best qualified have to pay in interest. This also effects amount of interest paid on treasury bonds, and Prime and Treasury interest are used to determine amount interest most pay for loans or on credit cards. There was really good article in US News and World Report in late seventies on how the Federal Reserve Votes wish more specific date could be given.
2006-10-22 12:54:53 · answer #1 · answered by Mister2-15-2 7 · 0⤊ 0⤋