Tell Janet Yellen: Reform Fed nomination processes

2015 revealed serious problems with the presidential selection process for regional Federal Reserve Banks.

First, Federal Reserve Banks rebuffed requests for transparency and public input. Then, vacancies at the Philadelphia and Dallas Federal Reserve Banks were both filled with individuals involved in their own selection. Now, with the Minneapolis Fed’s selection of Neel Kashkari, all three Reserve Bank presidential vacancies this year have been filled by former Goldman Sachs insiders, an outcome that undermines the Fed’s claim of independence from influence by major banks.

Sign our petition now to demand Janet Yellen commit to reforming the presidential selection process by requiring that each regional Fed bank establish:

  1. A public list of candidates being considered for the position of Reserve Bank president.
  2. The use of public forums where the public can discuss issues of monetary policy and Federal Reserve governance with the search committee, candidates, and other officials.
  3. A commitment to interviewing at least three candidates who are not Wall Street bankers for the position of Fed President.

More information:
+ Why do former Goldman Sachs bankers keep landing spots at the Federal Reserve, The Nation, November 30, 2015
+ The Great American Bubble Machine, Rolling Stone, April 5, 2010
+ The Carmen Segarra TapesProPublica, November 17, 2014
+ New York Financial Regulator Fines Godlman Sachs $50 MillionWall Street Journal, October 28, 2015