President would tap NY Fed chief under Dodd bill
President would tap NY Fed chief under Dodd bill
President would tap NY Fed chief under Dodd bill
(Reuters) - The New York Federal Reserve Bank's president #xwould become Energy saving lampsa political appointee and bank chiefs like JPMorgan Chase's Jamie Dimon could no longer sit on the board of their regulator under a proposal unveiled by the head of the Senate Banking Committee on Monday.
As part of a new bill aimed at revamping financial regulation after the worst banking crisis since the 1930s, Senator Christopher Dodd's plan gives the president the power to name the head of the most important regional Fed bank.
"The bill clamps down on conflicts of interest at the Federal Reserve, makingEnergy saving lamps the head of the New York Fed, for example, a position appointed by the president of the United States and not hand-picked by the very bankers the New York Fed is responsible for regulating,Fire hose," the Connecticut Democrat told reporters as he unveiled his bill.
Critics said the proposed governance change could weaken the central bank's independence.
"The New York Fed president is currently removed from the political process, which is helpful. But there are people around who would clearly use any Trojan Horse as a way to bring the Fed under more political control," said Charles Lieberman, chief investment officer at Advisors Capital Management and a former New York Fed staffer.
The prospects for Dodd's bill are uncertain. Any legislation #xthat emerges from his committee would need 60 votes in the Senate to overcome Energy saving lampsprocedural roadblocks that are sure to be thrown up by Republicans; the Democrats control only 59 seats.
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