Is the FED PUBLIC or PRIVATE?What is the organ of the Fed that effectively runs the monetary policy? Yes, there is the Board of Governors, yes, there is a Chairman of the Fed, but which organ really runs the show?

Is the FED PUBLIC or PRIVATE?What is the organ of the Fed that effectively runs the monetary policy? Yes,
there is the Board of Governors, yes, there is a Chairman of the Fed, but
which organ really runs the show?

(1 point) Hint: FOMC. Hint because, you know if you miss this,
you will miss the entire assignment.
• Describe the composition of that organ. (2 points)
The answer to the question of “is the FED public or private” is right
there. Focus on the make up of that committee.
Who are the voting members of that body?
What I mean is:
That committee has X voting members. (I call this step as C)
Where do these members come from?
Who are they (I don’t mean their names)? There are specific definitions of
who can be considered for membership to that committee.
Go one step back.
1
Before they could be considered for membership on that committee, they
have to be elected as something. (I call this step as B)
How are they elected to be that something?
Who elects them? Who votes for them? (I call this step as A)
In STEP A, certain groups vote to elect “somethings”.
In STEP B, those elected “somethings” are considered for membership in
that super important committee.
In STEP C, from those elected “somethings”, some are selected as voting
members of that critical committee.
Again, the answer to the question “is the FED public or private?” goes back
to STEP A. If you look at STEP A, you will see the answer.
• What is the point of this exercise? Why are we doing this?
The Fed is supposed to run the monetary policy for the entire nation. A
frequent criticism towards the Fed is that it does not always run the
monetary policy for benefit of the entire nation, but for the benefit of certain
2
groups, for instance, for the benefit or the financial industry alone.
Sometimes, some policies that benefit one particular industry might be
against the overall well-being of the national economy. For example, if you
get rid of the FDA, it would be wonderful for the pharmaceutical industry.
They can save millions of dollars per year in costs, and their profits will
increase tremendously. But, at the same time, it could result in massive
number of deaths due to poisonings from unregulated medicines and
malfunctioning medical devices, etc.
When you look at to the composition of that committee which really runs
the show, do you see any room for such an undesirable bias towards one
group?

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