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Federal Reserve official disagrees with monetary policy decisions

The head of the 10th Federal Reserve District, which includes Oklahoma, thinks the Federal Reserve should stop trying to stimulate the economy and cut unemployment through its monetary policy.

BY DON MECOY Published: September 19, 2012
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Others opposed move

George is not the only...
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Committee

assesses risk

The Federal Open Market Committee holds eight regularly scheduled meetings a year. The committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth. The committee consists of 12 members — the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the 11 Reserve Bank presidents, who serve one-year terms on a rotating basis. Nonvoting Reserve Bank presidents attend the meetings, participate in discussions, and contribute to the Committee’s assessment of the economy and policy options.

SOURCE: The Federal Reserve

Not George’s decisions

Columnist George Will recently published a complimentary column after meeting with Esther George, president of the Kansas City Federal Reserve Bank. He referred to her as “refreshingly retrograde” in her contrarian take on the central bank’s attempts to manage the economy. He also suggested that Mitt Romney, who has said he wouldn’t reappoint Fed Chairman Ben Bernanke if Romney becomes president, should pick “someone such as George.” When asked about that on Tuesday, she laughed and then ducked the issue, saying, “George Will’s a nice guy, but those are somebody else’s decisions. Not mine.”

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