Talk:Chairman of the Federal Reserve

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[edit] History needs a little work

This page could benefit from some update to correct a minor misimpression. The Board of GOVERNORS of the Federal Reserve did not exist prior to the major reorganizaton of the Fed in 1935 (Banking Act of 1935). Prior to that time, the "Federal Reserve Board" (created in 1914 under the Federal Reserve Act of 1913) had a Board of DIRECTORS. Their salaries were significantly lower and their term of office were much shorter prior to 1935. (Essentially, the board folks in Washington were out-statused by the elite of the regional banks prior to 1935.)

Prior to 1935, the heads of the twleve district "Federal Reserve Banks" were called "Governors." In the 1935 act, the district heads had their titles changed to "President" (e.g., "President of the Federal Reserve Bank of St. Louis"), as part of a major shift of power to Washington.

Thus, Mariner Eccles was the first actual Chairman of the Board of Goernors of the Federal Reserve Board. The others prior to 1935 were Chairman of a Board of Directors of much more circumscribed power. FED using multiple policysy to regulate economy Great original sources are:

Beckhart, Benjamin Haggott. 1972. Federal Reserve System. [New York]: American Institute of Banking.

Meltzer, Allan H. 2003. A history of the Federal Reserve : Volume 1, 1913 -- 1951. Chicago :: University of Chicago Press.

Shull, Bernard. 2005. The fourth branch : the Federal Reserve's unlikely rise to power and influence. Westport, Conn.: Praeger.

I do not have time today to update the article and wikify the sources. N2e 13:04, 11 May 2006 (UTC)

This is now fixed. I updated the article and added references on 30 May, and also today made a cleanup correction for something that went amuck on a previous fix of some vandalism. N2e 16:51, 29 June 2006 (UTC)

[edit] Move

I propose Chairperson of the Federal Reserve.100110100 07:50, 1 April 2007 (UTC)

In order to send a message to the world that the U.S. is not prejudiced, the President should appoint an African-American woman to be Chairperson of the Federal Reserve in 2010.Lestrade (talk) 16:52, 5 April 2008 (UTC)Lestrade

Unless the government changes the name of this position, we can't just change it on here without sourcing. Also, the President should never appoint someone to a position 'just because' that person is black, as that would be reverse descrimination. It should be appointed to the most qualified person, so if that person happens to be black or a woman, then great. —Preceding unsigned comment added by Kman543210 (talk • contribs) 23:17, 9 April 2008 (UTC)