A key element of governance is determining who’s in charge. And who’s responsible when something goes wrong.
“Fed Looks To Ease Curbs on Directors,” The Wall Street Journal, August 4, 2017 B10. “The Federal Reserve proposed scaling back the requirements it places on banks’ boards of directors….” The Fed is concerned “it has been overloading boards with too many specific requirements….”
Have the Fed attempts at micromanagement resulted in directors taking their eyes off the ball? Does the Fed take responsibility for over-management? Is the Fed a fiduciary, with liability to the banks or their shareholders?