Fed’s Embarrassing Ethics Scandal Spurs Calls for More Oversight

The Federal Reserve’s most embarrassing ethics scandal in years has cast a harsh spotlight on the world’s most powerful central bank and the arm’s-length governance of its 12 regional branches.

Their chiefs are among America’s most influential public officials, helping to set borrowing costs for the $23 trillion economy.

But the process of picking them, and assessing their performance in office, has long been shielded from public scrutiny and accountability — something that’s now drawing mounting criticism.


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