By Dow Jones Newswires-Wall Street Journal, Posted today at 6:21 a.m.
Federal Reserve Chairman Ben Bernanke is likely to face some new dissenting votes when the make-up of the Federal Open Market Committee, the central bank’s policy-making committee, changes in January.
Four presidents of regional Fed banks will step into the rotation at the Fed’s policy meeting in late January: Charles Evans of Chicago, Charles Plosser of Philadelphia, Richard Fisher of Dallas and Narayana Kocherlakota of Minneapolis. They’ll join the eight permanent voters on the FOMC: seven Fed governors (one position is now vacant) and the New York Fed president.
Every Fed policy maker, including regional bank presidents, gets a voice at the table during FOMC meetings. But regional bank presidents draw more attention when they’re among the ones who cast votes, as Kansas City Fed President Thomas Hoenig showed when he formally objected to the Fed’s current policy at all seven of the committee’s meetings this year.