The decision, along with the general feelings of the directors, is remitted to the Board of Governors in Washington by an encoded telegram. The Board of Governors considers discount rate requests once a week at a meeting attended by Board members and appropriate officers and staff. The Board members are prepped through a series of memoranda listing the recommendations of the various district boards and with periodic briefings by their staff on economic and financial developments. The agenda for the Board of Governors meeting is similar to that of the district board meetings. Reports Staff members make presentations on specific issues relating to the discount rate.
Board members ask questions.
Periodically, the Discount Policy Group, composed of senior officers of the Board, also makes a presentation. Although the Board considers a proposal relating to only one policy tool at each meeting, it is not considered in isolation. Other monetary tools may be included to the discussion, especially since a change in one policy tool may require a change in other policy tools to accomplish the objectives. The Vote At last, a vote is taken. Once a decision to change the discount rate is made, the Board will make a public announcement and the change is accomplished, generally, the next day.