Why Is the President of the New York Fed Always

question 47

Essay

Why is the president of the New York Fed always a voting member of the FOMC?

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Definitions:

Duty Not to Compete

A legal agreement where one party agrees not to enter into or start a similar profession or trade in competition against another party.

Restrictive Covenants

Clauses in contracts or agreements that limit certain actions of the parties involved, often to protect business interests.

Public Interest

A common concern among citizens in the management and affairs of local, state, and national government that serves the community well-being as opposed to the benefit of individuals.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another party, often found in relationships involving trust, such as between a trustee and beneficiary.