Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I have a question. It has nothing to do with the changes, but something struck me this morning as I was reviewing this material again. Let me refer you to the FOMC’s Rules of Organization, page 1: “If a member or alternate ceases to be a president or first vice president of a Reserve Bank, a successor may be chosen in a special election by the boards of directors of the appropriate Reserve Bank or Banks and such successor serves until the next annual election.” Now, if Jack Guynn, for example, had retired last year in March, Atlanta had filled the position, and a president had been in place as of September, let’s say, would he have come back? This says “no” because it says “until the next annual election.” Am I reading that wrong? I’m not sure that has been even the practice in the past.

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