It's ironic that the day when we elect the people who will run our government for us is also the day that some of the most powerful people in government - people no one ever voted for - will sit down and determine certain key elements of our economy. We're talking about the governors of the Federal Reserve Board, who will meet today and tomorrow and decide if the economy needs another infusion of cash, and what form that infusion should take.
The members of the Fed's Open Market Committee - which includes the seven Fed governors and five presidents of the Fed's 12 regional banks, on a rotating basis - are appointed by the president. (There's a vacancy on the Board of Governors right now, reducing their number to six.) And they serve terms that are long enough to ensure that there is almost always a mix of viewpoints and political backgrounds. Here's how the people who are trying to plan the future of our economy got their jobs:
Chairman Ben Bernanke: appointed by George W. Bush and re-appointed by Barack Obama
William C. Dudley, president of the New York Federal Reserve Bank: appointed by Obama
James Bullard, president of the St. Louis Federal Reserve Bank: appointed by George W. Bush
Elizabeth Duke, board of governors: appointed by George W. Bush
William Hoenig, president of the Kansas City Federal Reserve Bank: appointed by George H.W. Bush
Sandra Pianalto, president of the Cleveland Federal Reserve Bank: appointed by George W. Bush
Sarah Bloom Raskin, board of governors: appointed by Obama
Eric Rosengren, president of the Boston Federal Reserve Bank: appointed by George W. Bush
Daniel K. Tarullo, board of governors: appointed by Obama
Kevin M. Warsh, board of governors: appointed by George W. Bush
Janet Yellen, board of governors: appointed by Obama
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