New openings among the regional fed banks and we have a story out just recently saying that Rosenberg's opening according to people we've spoken to offers a chance for the fed leadership in Washington to take a bigger role in the search and selection process that leads up to the appointment of new presidents So explain that Chris explain that Yeah explain that So as opposed to fed governors in Washington who are nominated by the president of the United States and confirmed by the Senate the 12 regional fed presidents are selected by their regional boards of directors Each of those banks has a board of directors They exclude the members of the boards that work for banks that are supervised by the fed And the remaining 6 on each board are in charge of a search and selection process that goes on for many months But that process has come under tremendous pressure in recent years to come up with candidates that increase the diversity of the fed's leadership And surely in the wake of this trading scandal there will be more pressure for the fed to take an increasing role in supervising that process already we know that layout brain or is the fed governor who's in charge of liaising with the regional feds and typically that governor has their finger really on that process quite closely to monitor it and I can imagine they will there will be suggestions made about candidates There will be participation in the bedding process so if we step back and look at this this may be a point in time where the influence of the center of the Federal Reserve which is already extremely strong where the real gravity is in the fed will increase and perhaps the influence of the regional feds will decrease a little bit more So what does that mean for how investors should think about openings like this and the direction that the Central Bank goes And policy yeah exactly Well it is very difficult to predict ultimately what the policy views of the person selected will be I think it's safe to assume we'll see more female presidents more presidents from racial and ethnic minorities to increase that diversity that's been a subject Whether that results in a more liberal or looser monetary policy in alarming that is that's a bit perilous to predict so I think we'll have to wait and see what kind of candidates emerge for these physicians And then January 2023 will get two more that presidents Esther George and Charles Evans reached their mandatory retirement Chris condon if Jay Powell hadn't been questioned about this at last Wednesday's meeting do you think this is the headlines we'd be talking about and just got about 30 seconds left It certainly helps I would say it certainly helped And I think to the day anticipate that he was clearly he went straight to his answer book and when he feels that that question that was not a surprise for them This process was probably already entrained in the questions help nudge it along I would say Right Right And to be fair Tim and I've been talking about it I mean fed policy makers has to be complete transparency and we have to have confidence in them correct Chris in order for all this to work Not just above following the letter of the code of ethics It's about being above any questions about conflicts of interest in the cases unfortunately these guys really failed to cross that bar All right great Thank you so much Quick analysis So great Chris condon He covers the Federal Reserve for us here at Bloomberg joining us on the phone in D.C. So pretty amazing Yeah In terms of the headlines that we've seen Yeah what Chris was saying I mean you think a lot about the appearance the term like the appearance of the conflict of interest versus actually a conflict of interest And I think this really what he said is that there can't even be an appearance of a conflict of interest because trust is so important in the institution And that's why it's perhaps shows that the trains as he said were already in motion Right When it comes to monetary policy and we've all had discussions you've heard people voice their opinion about politics getting involved But you and I have talked about when president Trump was putting pressure on Jay Powell You know And you need to know and have a reassurance that the Federal Reserve is acting on its mandate understanding its mission and that's what guides them and that's it Well speaking of Jay pal we do have a statement from Jay Powell chair of the Federal Reserve system board of governors on this resignation of Robert caplan He says quote we are grateful for rob 6 years of service as president of the Federal Reserve bank of Dallas and as a valued colleague in the FOMC He's been a passionate and forceful public voice on a wide range of issues including the critical value of early childhood education and literacy in addition he strengthened the bank's economic research and played a very constructive role in system wide management budget budget and technology efforts We wish him well All right well a lot of news on this Monday and as we heard from Chris condon you know changes certainly when it comes to the fed and maybe more concentration of power centrally versus those regional banks All right let's get another check on world and national news not world of national news Let's get a check on your top business news and another look at that trading day Let's turn things.