The boards of directors of the 12 District Reserve Banks are the rare private citizens who play a role in government decisionmaking. Although the nine business, labor, financial~ and community leaders on each local board do not directly set policy, they do recommend changes in the discount rate...

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the New England Mortgage Expo, hosted by the Connecticut Mortgage Bankers Association and The Warren Group, January 14, 2011