Fed Arithmetic

The Washington Post had a piece discussing views at the Fed about the prospect of either vice-chair Janet Yellen or Larry Summers taking over as chair. At one point the piece discusses the arithmetic of votes on the 12 person open market committee that decides monetary policy. It tells readers:

"The chair sets the tone of the discussion. The Fed staff members who prepare economic projections and the range of policy options work directly for the chair. And the Washington-based governors usuall...