Union Official Becomes N.Y. Fed Chairman

My God if there were ever two worlds that should never meet it's this

From

www.economicpolicyjournal.com...

Union Official Becomes N.Y. Fed Chairman

Well it's not a ACORN, but pretty damn close, the Obama influence is clear with this choice.

A top labor union leader, Denis Hughes, has become the chairman of the Federal Reserve Bank of New York’s Board of Directors. The New York Fed’s board comprises nine members, and is set up to reflect banking and community interests. Hughes has been on the board since 2003, but a union leader as New York Fed Chairman?

Hughes is president of the 2.5 million member New York State AFL-CIO.

According to the New York state AFL-CIO site:

As President of the New York State AFL-CIO, Mr. Hughes has made creating a more mobile, active and aggressive statewide labor movement a top priority. He has set a tone for organizing new members into the movement and has led the way in developing proactive legislative and political statewide strategy.
Hughes clearly doesn't understand basic supply and demand economics, since he "has been successful in helping to pass historic legislation that provides farm workers a minimum wage equal to that of all other workers in the state."

Almost any economist will tell you that minimum wage laws lead to only one thing, greater unemployment.

This guy is a total union hack. Here's more from the NYS AFL_CIO site:

Following up on his commitment to grow the labor movement and organize new members, President Hughes led a successful legislative effort to secure unprecedented labor protections and organizing rights for workers who work at casino gaming facilities in this state.

In addition, historic “card check” legislation was passed that recognizes union designation by showing a majority interest through card check.

And this must make Obama's mouth water:

Hughes led the way for New York State to become the first state in the country to adopt and implement the New Alliance. This historic restructuring initiative consolidates the economic, political and legislative force of the labor movement. The New Alliance allows the labor movement to better utilize its resources in order to secure progressive legislation and help labor supported candidates gain victory on Election Day.

reply to post by VinceP1974


Unions are corrupt, the government is corrupt. Sounds like they belong together.
Need to put a NEW government in place.

Something I don't know (because I guess I have never really cared) is "How" does someone become a "Fed Chairman"? Is it appointed by the Fed Board members (I would think so)? What are the qualifications? Anyone "really" know?

Originally posted by infolurker
Something I don't know (because I guess I have never really cared) is "How" does someone become a "Fed Chairman"? Is it appointed by the Fed Board members (I would think so)? What are the qualifications? Anyone "really" know?

The Role of Reserve Bank Directors



* Each Federal Reserve Bank has nine directors, who serve three-year terms and are divided into three groups. Class A directors represent member banks, whereas both Class B and Class C directors represent borrowers from such areas as agriculture, commerce, industry, services, labor, and consumers.

* Directors influence monetary policy by setting their District's discount rate and by appointing the Bank's president, who, in turn, sits on the Federal Open Market Committee.

* Other responsibilities of the directors include approving the Bank's budget, overseeing operations, and appointing the Bank's officers.

* Each Reserve District's member banks elect both Class A and Class B directors, while the Board of Governors of the Federal Reserve System appoints Class C directors.


Selection and Representation
Reserve Bank boards of directors are divided into three classes of three persons each. Class A directors represent the member commercial banks in the District, and most are bankers. Class B and class C directors are selected to represent the public, with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Class A and class B directors are elected by member banks in the District, while class C directors are appointed by the System's Board of Governors in Washington. All head office directors serve three-year terms. Two directors of each Bank are designated by the Board of Governors as chairman and deputy chairman of their nine-member board for one-year terms.

Directors cannot be members of Congress, and class B and class C directors cannot be officers, directors, or employees of a bank. Nor can class C directors own stock in a bank. In addition, all class C directors must reside in the District for at least two years before their appointment. Because a Reserve Bank directorship is a form of public service, directors are also expected to avoid participation in partisan political activities.

For purposes of electing directors, District member banks are grouped by amount of capital into three categories—small, medium, and large. Each group of banks elects one class A and one class B director.

Branches of Federal Reserve Banks also have directors. These directors are not elected; the majority are appointed by the Reserve Bank, and the rest are appointed by the Board of Governors. The chairman of a Branch board is selected from among those appointed by the Board of Governors. Branch directors serve for either two- or three-year terms, depending on the size of the Branch board.

Directorships generally are limited to two successive terms, to ensure a diversity of backgrounds and experience among the individuals who serve the Federal Reserve System.

[edit on 25-8-2009 by VinceP1974]