Lots of Federal Reserve bank conspiracy theory nuts out there, but that's not me. I was wondering who sits on the boards of the regional banks, and the first regional bank that popped up was my own local Federal Reserve Bank of New York. Follow that link and you'll see there are three classes of boardmembers, and three in each class. The first class is those voted in by the member banks to represent the member banks, the second class are voted in by the member banks to represent the public, and the third group is voted in by the Board of Governors of the Federal Reserve.
Right now, there are two board seats vacant, both of those appointed by member banks to represent the public. They do have one seated, though, and that is Jeffrey R. Immelt, the Chairman and CEO of General Electric. Does anyone else think he's a real public advocate? If so, could you show me any evidence of this? Isn't it GE which refuses to clean up the mess they made in the Hudson River? Update! It looks like, after thirty years, GE has decided to clean up the Hudson, at least partially. Don't you worry, even if this guy oversees a company which refuses to clean up millions of pounds of cancer-causing chemicals from our Rivers, he is looking out for the public.