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Article: Some lawmakers claim fed keeps critics at bay with jobs. (Federal Reserve)
- Article from:
- American Banker
- Article date:
- December 2, 1994
- Author:
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WASHINGTON -- Academic economists are earning extra income as consultants to the Federal Reserve, a practice that congressional critics say is muffling independent criticism of the Fed's rate-setting policies.
According to government records, the Federal Reserve Board and 11 of the 12 regional Federal Reserve banks hired 209 consultants -- virtually all of them university professors -- from Jan. 1, 1991, through June 30, 1993.
A total of 305 contracts worth more than $2.9 million were awarded over that period, with many of the academics getting paid for more than one contract. In some cases, the economists had contracts with several Federal Reserve banks and earned ...