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Should the Federal Reserve Be Doing the Nation’s Work with a Skeleton Crew?

Courtesy of Pam Martens.

Source: Federal Reserve

Source: Federal Reserve

By Pam Martens and Russ Martens: August 3, 2017

The Federal Reserve Board of Governors is supposed to have a roster of seven Governors. It currently has four. Equally alarming, it lists just two members serving on each of its eight committees. One Fed Board Governor, Lael Brainard, is listed as one of the two members on six of the eight committees, or 75 percent of all committees. Governor Jerome Powell sits on five of the eight committees, or 63 percent of all committees.

The Fed’s Committee on Supervision and Regulation consists of just Powell and Brainard. And yet, this is what the Fed’s 2015 Annual Report describes as the institutions the Fed supervises:

4,922 Bank Holding Companies

442 Domestic Financial Holding Companies



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