Hillary Clinton embraced an ambitious proposal for reforming the Federal Reserve on Wednesday, according to a statement her campaign gave to The Washington Post.
Five of the 12 Fed officials who decide the course of monetary policy at the national level are selected by six of the nine governors that run each regional bank in the Federal Reserve system. Three of those six governors are effectively picked by the banking industry in each region. The three who don't pick the officials for the national Fed board are drawn directly from the banking industry, but they still wield considerable influence.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Thailand's makeover into White Lotus-inspired glamourThe Week Recommends The location for season three of the hit HBO series is spurring a luxury 'tourism frenzy'
-
Axel Rudakubana: how much did the authorities know about Southport killer?Today's Big Question Nigel Farage accuses PM of a cover-up as release of new details raises 'very serious questions for the state about how it failed to intervene before tragedy struck'
-
The princess and the PR: Meghan Markle's image problemTalking Point A tough week for the Sussexes has seen a familiar tale of vitriol and invective thrown the way of the actor-cum-duchess
-
Will Trump's 'madman' strategy pay off?Today's Big Question Incoming US president likes to seem unpredictable but, this time round, world leaders could be wise to his playbook
-
DeSantis appoints Florida's top lawyer to US SenateSpeed Read The state's attorney general, Ashley Moody, will replace Sen. Marco Rubio in the Senate
-
Pam Bondi downplays politics at confirmation hearingSpeed Read Trump's pick for attorney general claimed her Justice Department would not prosecute anyone for political reasons
-
Biden warns of oligarchy in farewell addressSpeed Read The president issued a stark warning about the dangers of unchecked power in the hands of the ultra-wealthy
-
Hegseth boosts hopes for confirmation amid grillingSpeed Read The Senate held confirmation hearings for Pete Hegseth, Trump's Defense Secretary nominee
-
Biden removes Cuba from terrorism blacklistSpeed read The move is likely to be reversed by the incoming Trump administration, as it was Trump who first put Cuba on the terrorism blacklist in his first term
-
South Korea arrests impeached presidentspeed read Impeached South Korean President Yoon Suk Yeol has been detained, making him the first sitting president to be arrested in the country's history
-
House GOP unveils bill for Trump to buy GreenlandSpeed Read The bill would allow the U.S. to purchase the Danish territory — or procure it through economic or military force
