Thomas Jones was one controversial nominee to the board of this institution
Thomas Jones was one controversial nominee to the board of this institution, since he had served as a corporate director of the International Harvester Company, which at the time of his appointment was under indictment for illegal combination in restraint of trade. Benjamin Strong was an influential member of this institution, and his 1928 death was seen as historically pivotal by Charles Kindleberger and Milton Friedman. Senator Nelson Aldrich offered an early plan for this institution, which differed from the eventual result by using re-discounting of commercial paper as the mechanism by which this institution carried out its main function and by denying the President the power to appoint its board. For 10 points, name this institution whose other controversial nominees include Peter Diamond, which uses open market operations to set monetary policy in the United States.
Thomas Jones was one controversial nominee to the board of this institution, since he had served as a corporate director of the International Harvester Company, which at the time of his appointment was under indictment for illegal combination in restraint of trade.
{Federal} {Reserve} Board (accept {Federal Reserve} System)