- Every single president in the history of the Federal Reserve Bank of New York has been white, male and a banker.
- A new report from the Fed Up coalition, an activist group calling for more inclusive economic policies, says the key regional Fed banks’ conflicts lead to subpar regulation of Wall Street.
- As William Dudley, the New York Fed’s current president and a former Goldman Sachs partner retires, Fed Up calls on the bank to “select a new president who will put the interests of the public before Wall Street.”
The Federal Reserve is supposed to be a public institution, yet every single president of the New York Fed worked for Wall Street before or after his tenure at the regional central bank.
That’s just one of many apparent conflicts of interest that critics and community groups say have biased the New York Fed, which is especially influential in the Federal Reserve system, in favor of the very banks it is intended to supervise.See the rest of the story at Business Insider
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