• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Fed’s Bostic says hiring process for regional presidents “has worked well”

September 30, 2021 by David Barret Leave a Comment

September 30, 2021

By Howard Schneider

WASHINGTON (Reuters) – Atlanta Federal Reserve President Raphael Bostic said Thursday he welcomed a Board of Governors ethics review following the resignation of two of his colleagues this week, and felt that the Fed’s process for replacing them is adequate to ensure a diverse set of applicants is considered for the high-profile jobs.

“The world has evolved so I think it is fully appropriate for us to be reviewing the rules and making changes that we think need to be made to preserve…trust,” Bostic said in comments to reporters. He said he was asking the general counsel of the Atlanta Fed also “to see if we have suggestions on how things might be adjusted.”

The Fed, which likes to consider itself a technocracy removed from politics, has been rocked this month by reports that the heads of two of its 12 regional banks were actively trading in stocks and other securities during 2020 as the Fed launched a massive effort to rescue the economy from the pandemic. Both Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren announced their resignations on Monday, though each maintained their actions had been vetted and approved by local ethics officers.

Fed Chair Jerome Powell has opened a broad review of the system’s ethics rules and promised changes to bolster confidence in how the central bank uses its immense powers. He is awaiting word on his possible renomination to a second term as Fed chair by President Joe Biden, and the controversy has given his critics a new line of argument about his oversight of the institution.

It has also renewed longstanding calls for reform of the Fed’s arcane structure and particularly of the selection process for the regional bank presidents. While hiring authority is split between the private boards that oversee each of the 12 regional banks and the Fed’s Washington-based and presidentially appointed Board of Governors, there is no public vetting or review of the candidates for the job, similar to the Senate hearings and confirmation that Fed governors themselves go through.

That’s led to criticism of the process as out of step with modern demands of transparency for policy-setting positions, and of leading to clubbishness in appointments.

When Bostic was hired in 2017, for example, he was the first African-American hired to lead one of the reserve banks, and the process of replacing Kaplan, a former Goldman Sachs executive, and Rosengren, a career Fed employee, will be closely scrutinized.

Bostic said he felt the current system actually “has worked well. One of the things we have seen over the last several years is a heightened attention to making sure that the application process…looks over a diverse set of professions and careers paths and backgrounds.”

Plus, he said, the governors in Washington “will be monitoring this to make sure that each reserve bank board is thinking about this in an open way.”

(Reporting by Howard Schneider; Editing by Andrea Ricci)

Source Link Fed’s Bostic says hiring process for regional presidents “has worked well”

David Barret
David Barret

Related posts:

  1. Soccer-Poland say no racism in Glik’s bust-up with England’s Walker
  2. Epic Games to shut down Houseparty in October, including the video chat ‘Fortnite Mode’ feature
  3. UK’s slow growth and rising inflation gives BoE headache – PMIs
  4. Bank of England nudges up inflation outlook, split over QE widens

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Unethical Experiments: When Scientists Really Should Have Stopped What They Were Doing Immediately
  • The First Humans Were Hunted By Leopards And Weren’t The Apex Predators We Thought They Were
  • Earth’s Passage Through The Galaxy Might Be Written In Its Rocks
  • What Is An Einstein Cross – And Why Is The Latest One Such A Unique Find?
  • If We Found Life On Mars, What Would That Mean For The Fermi Paradox And The Great Filter?
  • The Longest Living Mammals Are Giants That Live Up To 200 Years In The Icy Arctic
  • Entirely New Virus Detected In Bat Urine, And It’s Only The 4th Of Its Kind Ever Isolated
  • The First Ever Full Asteroid History: From Its Doomed Discovery To Collecting Its Meteorites
  • World’s Oldest Pachycephalosaur Fossil Pushes Back These Dinosaurs’ Emergence By 15 Million Years
  • The Hole In The Ozone Layer Is Healing And On Track For Full Recovery In The 21st Century, Thanks To Science
  • First Sweet Potato Genome Reveals They’re Hybrids With A Puzzling Past And 6 Sets Of Chromosomes
  • Why Is The Top Of Canada So Sparsely Populated? Meet The “Canadian Shield”
  • Humans Are In The Middle Of “A Great Evolutionary Transition”, New Paper Claims
  • Why Do Some Toilets Have Two Flush Buttons?
  • 130-Year-Old Butter Additive Discovered In Danish Basement Contains Bacteria From The 1890s
  • Prehistoric Humans Made Necklaces From Marine Mollusk Fossils 20,000 Years Ago
  • Zond 5: In 1968 Two Soviet Steppe Tortoises Beat Humans To Orbiting Around The Moon
  • Why Cats Adapted This Defense Mechanism From Snakes
  • Mother Orca Seen Carrying Dead Calf Once Again On Washington Coast
  • A Busy Spider Season Is Brewing: Why This Fall Could See A Boom Of Arachnid Activity
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version