THE SECRETARY OF DEFENSE: Former Phillie great Garry Maddox has been elected to the board of directors for the Third District of the Federal Reserve Board.
And it's not just ceremonial. Reports Bloomberg News: "Once a month, Maddox and eight other directors meet to discuss the economic climate in the Philadelphia region and establish bank goals. After listening to economists' reports and a recommendation from Santomero, they vote on the discount rate that financial institutions are charged when they borrow money from the bank. The rate is subject to approval by the Federal Reserve Board in Washington."
Damn, that's cool. Story via Clutch Hits, which contains one of the better ledes I've seen in a while: "Two thirds of interest rate policy, open market operations, and banking industry regulation are covered by the Board of Governors of the Federal Reserve. The rest is covered by Garry Maddox."
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