Mr. Frank has now proposed that the Reserve Bank presidents be removed from the FOMC.

FORBES: Removing Reserve Bank Presidents From FOMC: Another Bad Idea

It is composed of the seven members of the Board of Governors plus the twelve Reserve Bank presidents.

FORBES: Removing Reserve Bank Presidents From FOMC: Another Bad Idea

Only Reserve Bank presidents and research directors were invited, except for a couple extra from the New York Fed.

FORBES: Jackson Hole Blues: Nostalgia For The Bright Lights And Big Ideas

Accordingly, we have set up a number of internal working groups, consisting of governors, Reserve Bank presidents, and staff, to study these and related issues.

FORBES: Reducing Systemic Risk

The Reserve Bank presidents also have regular conversations with members of their Boards of Directors and various advisory committee members, not to mention people in the community they interact with daily.

FORBES: What's Choking Bank Lending?

The new letter contained a total of 537 signatories, including another Nobel Prize winner, Ed Prescott, several former Federal Reserve Bank presidents, and chairs and members of the Council of Economic Advisers under Presidents John F.

FORBES: To Reduce The Deficit, Kill The Estate Tax

Barack Obama should nominate credible, independent people to the two vacant seats on the Federal Reserve Board, and bat away suggestions that the 12 reserve-bank presidents, who are not confirmed by Congress, lose their say in monetary policy.

ECONOMIST: Inflation is bad, but deflation is worse