OTHER NEWS - Oct. 8, 1993

Capitol Hill Critics Begin Assault on Fed: Depicting the Federal Reserve Bank as an undemocratic bastion of white male bankers, legislators launched their most concerted effort in three decades to make changes at the nation’s central bank. The occasion was the first in a series of hearings on how the Fed sets interest rate policies for the nation. House Banking Committee Chairman Henry B. Gonzalez (D-Tex.) noted that in 80 years, there has been only one woman president of a Fed regional bank, and not one minority. He would require that regional bank presidents be nominated by the President and confirmed by the Senate. Currently, they are selected by regional boards dominated by commercial bankers.