Herman Cain: The Fed Years

What does the board of directors actually do? Every month that Cain was there, board members would meet, talk through the economic developments and data in their areas, and offer some advice. Fed economists would listen. The research would be taken up to Kansas City Fed Chairman Tom Hoenig, who could use it however he deigned to use it. ?They?re a source of economic information for the bank,? explains Bill Medley, public information director for the Kansas City Fed. What?s their single biggest contribution? They recommend the discount rate, or what the Fed charges for loans. ?But that,? says Medley, ?has to be approved by the board of governors.?

Source: http://feeds.slate.com/click.phdo?i=646a5f75cbb777e4e4fc8a27d8a19a85

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