Also, if you know where I can find out the answer, that would be very helpful. I have looked everywhere but up till now I cannot find the reason for this. Any help that anyone can give me would be very helpful, thank you.
2007-07-06 04:43:29 · 2 answers · asked by Anonymous in Politics & Government ➔ Government
It is composed of the presidents of the Federal Reserve Banks, but not all are voting members every year. They rotate thru the 11 different banks except the NY bank which is always a voting member along with the Federal Reserve Board which also sit on it as voting members. I just don't know why the NY Federal Reserve Bank President is always a voting member.
2007-07-06 04:59:17 · update #1
That was a nod to the power of the State of New York and New York City when the Fed was established.
By the way....the Chairman of the Fed is more powerful and has more effect on your daily life than the President.
2007-07-06 07:13:42 · answer #1 · answered by Mathsorcerer 7 · 0⤊ 0⤋
Isn't the FOMC composed of all the presidents of the different Federal Reserve Banks?
See these links:
http://en.wikipedia.org/wiki/FOMC
http://www.federalreserve.gov/pubs/frseries/frseri2.htm
2007-07-06 04:52:41 · answer #2 · answered by Dave C 7 · 0⤊ 0⤋