Yellen meets with activists seeking to open up selection process for Fed presidents

Economic IndicatorsAssociated Press

A coalition of community groups and labor unions are campaigning to open up the selection process for the presidents of the Federal Reserve's 12 regional banks. The groups also want assurances that the Fed will not begin raising interest rates until unemployment falls further and workers start seeing improved wage gains.

Representatives of the coalition met with Fed Chair Janet Yellen and three other Fed board members on Friday. During the hour-long discussion, the representatives discussed problems their communities were facing with high unemployment and weak wage growth.

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Ady Barkan, one of the organizers, says Yellen and the other Fed officials listened intently but made no commitments about future Fed policy.

Fed officials confirmed that the meeting took place but declined to comment on the issues raised at the meeting.