The Fed is always portrayed as being completely controlled by the Great and Merciful Greenspan. How much control does he actually have over policy? Is the FOMC a rubber stamp, or do they actually have an independent voice?
>Fed policy is set by the Federal Open Market Committee, which consists
>the chair, AG; the vice chair, Alice Rivlin; the four other governors;
>president of the New York Fed; and four of the regional bank
>who serve in rotation. Five of the FOMC members are on record as
>governors Roger Ferguson (who says the Asian crisis is good for us),
>Gramlich, and Laurence Meyer, and the hardass regional bank presidents
>Jerry Jordan (FRB Cleveland) and William Poole (FRB St Louis). Could be
>interesting FOMC meeting on September 29.
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