THE EFFECT OF THE FEDERAL RESERVE REFORM ACT ON THE ECONOMIC AFFILIATIONS OF DIRECTORS OF FEDERAL RESERVE BANKS

The Federal Reserve Reform Act of 1977 specifies that class B and C Fed bank directorates should represent the interests of consumers. This study analyzes the distribution of Fed directors by industry and finds no consumer and little small business representation. It also analyzes the distribution o...

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Bibliographic Details
Published in:Social science quarterly 1986-06, Vol.67 (2), p.393-401
Main Author: HAVRILESKY, Thomas
Format: Article
Language:English
Subjects:
Banking
Banking industry
Banking legislation
Banking reforms
BANKING, BANKS
Banks
Board of Governors of the Federal Reserve System
ECONOMIC POLICY
Federal Reserve Bank
Federal Reserve System
Government bureaucracy
LAW AND LEGAL SYSTEMS
LEADERSHIP
National banks
National income
Reform
REFORM, REFORMERS
Research Notes
Retail banking
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Summary:The Federal Reserve Reform Act of 1977 specifies that class B and C Fed bank directorates should represent the interests of consumers. This study analyzes the distribution of Fed directors by industry and finds no consumer and little small business representation. It also analyzes the distribution of class A (banking) directors by size and finds that the safeguards for small bank representation are not working. The need for the Federal Reserve as a bureaucracy to develop a supportive constituency amongst powerful banking and big business groups may explain these discrepancies.
ISSN:0038-4941
1540-6237