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Originally Posted by Original Position
Can you expand on this? I don't really know much about what regional Fed banks do or the relevant experience they might provide to be appointed to the Fed.
District bank boards basically divided into three groups:
Directors representing member banks
Directors chosen by member banks to represent the public (not surprisingly, a lot of business owners and ceo types)
Directors chosen by Fed Reserve board to represent the public (academics, union leaders and some big business owners here)
In smaller districts, you get a lot more nepotism partly due to dearth of qualified candidates and partly due to their relative insignificance.
In NY, by convention and desire for self preservation, the banks and business leaders have been very professional and almost invariably hired well respected career bureaucrats and economists. SF too to a lesser extent.