Inside The Fed

All Things Considered host Noah Adams talks with Lyle Gramley, a former governor of the Federal Reserve Board. Gramley says that Fed meetings usually last for four hours, between 9:00 AM and 1:00 PM. While Board members frequently have differing opinions on the state of the economy, Gramley says the solemnity of the meetings prevents tempers from flaring. While Chairman Greenspan presides over the meetings, Gramley says all of the Board members state their opinions and deliberate openly before voting on business before the Board.

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