These meetings date back to the Treasury-Federal Reserve Accord in 1951 but today, apart from telephone consultations, they are the main source of ongoing contact between the Chairman and the Administration. There are a number of other opportunities for regular contact among Federal Reserve governors and members of the Administration’s economic team.
A governor (on a rotating basis) hosts a weekly lunch for senior staff of the Treasury and the Federal Reserve. While the meetings are often social as well as substantive, they are opportunities to discuss issues of mutual concern. Some of the most effective meetings are “theme” meetings, when we agree in advance to focus on a particular issue.