06/14/2012 01:10 pm ET Updated Aug 14, 2012

At The Fed's Heart, An Institutional Flaw

On the "PBS NewsHour" in late May, Treasury Secretary Timothy F. Geithner indicated that the continued presence of Jamie Dimon, the chief executive of JPMorgan Chase, on the board on the Federal Reserve Bank of New York created a perception problem that should be addressed. He used the diplomatic language favored by finance ministers, but the message was loud and clear: Mr. Dimon should resign from the board of the New York Fed.

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