Why It’s a Big Deal Hillary Clinton Plans to Shake Up the Fed

Hillary Clinton is taking on the United States Federal Reserve System, but in a wonky, bottom’s-up way that shows her understanding of a complex and widely misunderstood organization. This is not “End the Fed” or even “audit the Fed” — she wants to rebuild it from its fundamentals at the regional level. To paraphrase Mitt Romney, the Federal Reserve is people, my friend. Hillary Clinton’s recent proposal to change the roster of Fed officials who ultimately make monetary policy and regulatory decisions might be the most effective Fed-reform idea since the financial crisis. Generally, the public pays attention to little more than the face of the organization — the Fed’s chairperson, currently Janet Yellen — who announces and explains the Fed’s decisions. But beneath Yellen functions an intricate and influential bureaucracy that’s dominated by interests from the financial sector, the vast majority of them white men, and may well be blind to the reality of a vast majority of Americans. For the full article click here 

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