Re: Conflict of Interest

[Christopher Niggle <niggle@xxxxxxxxxxxxxx>]

Mason: Most of the recent governors have been phd economists, for what
that's worth.  They were largely lawyers and commercial bankers thru the
1960s.

Chris

On Wed, 10 May 2000, Mason Clark wrote:

>
> A side-light comment on the governance of the U.S. Federal Reserve:
>
> Some many years ago, writing on the subject, I looked up the
> biographies of the Board of Governors.  What I found was a
> collection of former bank vice-presidents.  Nothing to indicate any
> actual training in economics (which may be good or bad).  But I
> wondered then and wonder now, why would a bank vice-president
> leave his bank to be a Governor?  Almost certainly, these are
> vice-presidents with no hope of advancement.  So the Fed Board
> is a dumping ground?  And by what distorted logic can these men
> be regarded as representatives for the *people* in any sense?
>
>        Mason
>