Federal Reserve Chairman Ben Bernanke may soon face a delicate challenge in steering monetary policy as the Fed's interest-rate-setting committee shrinks.
An impasse between Senate Democrats and the Bush administration is about to leave three vacancies on the Federal Open Market Committee for the first time since its existing structure was established in 1935. That could tilt influence on the panel toward presidents of the Fed's regional banks.
Those five presidents, unlike the seven Washington-based governors on the 12-person FOMC, aren't appointed by the president or confirmed by the Senate. In recent months, several presidents have been garnering heightened attention ...
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