Today's dose of late afternoon S&P deux ex machina comes from the Fed Advisory Council, presumable a council populated by bankers, which basically gives a reprieve to the credit card companies.
- FED DURBIN RULES DRAW `BROAD AND DEEP OPPOSITION' FROM BANKS
- FED RULES 'EXTREMELY DAMAGING' TO CONSUMERS, BANKS, CARD FIRMS
- FED ADVISORY COUNCIL SAYS REGULATOR SHOULD WITHDRAW PROPOSAL
Mistakes are not be made as billions more are stolen from the populace.
Presenting the Fed Advisory Council for your amusement.
The Federal Advisory Council (FAC), which is composed of twelve
representatives of the banking industry, consults with and advises the
Board on all matters within the Board's jurisdiction. The council
ordinarily meets four times a year, the minimum number of meetings
required by the Federal Reserve Act. These meetings are always held in
Washington, D.C., customarily on the first Friday of February, May,
September, and December, although occasionally the meetings are set for
different times to suit the convenience of either the council or the
Board. Each year, each Reserve Bank chooses one person to represent its
District on the FAC, and members customarily serve three one-year terms.
The members elect their own officers.
- Joseph L. Hooley, First District
- Robert P. Kelly, Second District
- Bharat B. Masrani, Third District
- James E. Rohr, Fourth District
- Richard D. Fairbank, Fifth District
- Daryl G. Byrd, Sixth District
- David W. Nelms, Seventh District
- Bryan Jordan, Eighth District
- Richard K. Davis, Ninth District
- Stanley A. Lybarger, Tenth District
- Richard W. Evans, Jr., Eleventh District
- Russell Goldsmith, Twelfth District
- James E. Annable, Secretary