Last week the United States Senate approved two candidates that President Obama had selected for the Federal Reserve Board of Governors, bringing the board to a full seven members for the first time since 2006. In addition to setting interest rates based on the economy's condition, the Fed is also on of the main regulators of financial business, which is why these additions are somewhat politically controversial. Many conservatives believing that there should be less government control do not agree with a stronger Board of Governors, which is why some Senators have been voting against these nominees for many months. This Board of Governors will help aid the Federal Reserve Chairman Ben Bernanke on analyzing financial crisis', adjust interest rates to achieve a balanced economy in equilibrium.
http://www.nytimes.com/2012/05/18/business/senate-confirms-fed-board-nominees.html?_r=2&hp
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