Peter Conti-Brown of the Wharton School authored a paper that found the Federal Reserve System’s Board of Governors has less influence on the central bank following moves by the bank’s presidents and chairs. “This institutional drift does not mean that the Fed is not still an effective central bank. It does mean, however, that it runs a democracy deficit that Congress had hoped to eliminate in the Fed’s legislative design,” he said.

January 3, 2020 ・ From The Wall Street Journal