The FOMC is far more secretive than most government agencies, and after reading the transcripts of its meetings, it’s not hard to see why. The people that really run the world are not elected, but sit on the Federal Open Market Committee of the Federal Reserve (FOMC). This is the crew of Fed insiders — mostly regional reserve bank presidents hired by banks as well as finance-friendly Fed governors appointed by the president — who set monetary policy. They are the ones who decide whether interest rates go up or down and whether to heat or cool the economy.
You can actually read the deliberations of their meetings, but only for those that took place five years ago or more. Unlike most federal agencies, their meetings are kept secret for at least five years.
Still, it’s interesting what you can find in the records that are public. This is from 2005, when Dallas Fed President Richard Fisher was echoing complaints of American CEOs that we simply didn’t have the port capacity to take as many imports from China as they wanted ...
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