To be sure, the Committee looks to the Chairman to provide strong leadership. The Chairman's special role is partly legal and structural--as the chair of the Board and the Committee and as the Committee's representative in front of Congress where the FOMC is held accountable for its actions... But in my experience, the other members of the Committee are also important for good policy. Effective Chairmen cannot operate independently of the sentiment on the Committee; ultimately, the authority of the Chairman rests on his ability to persuade the other members of the Committee that the choices they are making under his leadership will accomplish their objectives. The better the collection of individuals he needs to persuade, the better the policy is likely to be.
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Could the functioning of the FOMC be improved? Certainly, and Chairman Bernanke has moved to further utilize the diverse views of the FOMC members, while maintaining the leadership necessary to keep this diverse group headed in the appropriate direction.