Federal Reserve watchdog audits regional bank personnel reappointment process

Odaily Odaily Planet Daily News The Federal Reserve's internal watchdog announced on Wednesday that it will conduct a comprehensive review of the reappointment process for senior executives at regional Federal Reserve banks, focusing on verifying the complete procedure by which the Federal Reserve Board approves the five-year term renewals of regional bank presidents and their deputies.

This assessment will not only check procedural compliance against Federal Reserve administrative regulations and industry standards but will also review executive performance evaluation materials and verify whether various files used to determine reappointment qualifications are complete and standardized. The Office of the Inspector General did not explain the specific reasons for launching this review.

Previously, U.S. President Donald Trump frequently exerted pressure on the Federal Reserve, leading to increased market attention on regional bank personnel arrangements. Many observers worry that this reappointment mechanism could be exploited to sideline regional decision-making officials who do not support interest rate cut policies. (Jinshi)