The Federal Reserve System conducts the United States monetary policy, inter alia. It is governed by its Board of Governors which has 5 members. For a nation of over 329,387,000 people [https://www.census.gov/popclock/], it is rather incredible that 5 people control monetary policy, particularly since those 5 people have nearly uniform experience either as economists, or white shoe lawyers. A better practice would be to restructure the Board of Governors to mandate inclusion of a member from each state appointed in staggered terms of 5 years. This would eliminate the myopic inbred nature of the Board of Governors, and ideally the Federal Reserve’s role as the savior of the capital markets.
