Herman Cain's role in the Federal Reserve system

My #1 concern in the GOP primary is monetary policy. Monetary policy is controlled by the Federal Reserve, specifically the Federal Open Market Committee (FOMC). The FOMC consists of:

1) The Federal Reserve Board of Governors -- it has seven permanent seats on the FOMC; and

2) The 12 regional Federal Reserve banks -- each with a Fed Bank President, five of whom serve on the FOMC on a rotating basis.

Each of the 12 regional Federal Reserve bank Presidents reports to his/her own Board for that particular bank. An example of one of these regional Federal Reserve banks is New York City. Tim Geithner was the President of the NYC Federal Reserve bank at the time of the bailout in September 2008.

Another example of one of these regional Federal Reserve banks is Kansas City. In the early to mid-90s, Herman Cain was the Chairman of the Kansas City Federal Reserve Bank. So he wasn't the KC President who sat on the FOMC, but he was obviously intimately involved in the Federal Reserve system.

IMO, this is a terrible stain on Herman Cain's resume.

Tim White