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I'm John Batchel with my colleague, John Cochran, of the Hoover Institution.

A month ago, he wrote a column, a very provocative column for the Wall Street Journal about

the Fed and what is to be done in the future for the chairman, for the members

of the board, for the regional banks.

We come to the word reorganization or how do they make decisions at the Fed.

Since then, we've had a lot of melodrama and that continues.

The president visiting the construction site challenges about remaking the Fed campus.

However, the question comes to this.

How do you improve the decision-making process at the Fed?

That's the fundamental part of it.

Is there something wrong with what we have now, which is seven members vote and they rotate except for the chairman?

How do you reform decision making, John?

Do you need an act of Congress and will Congress bite?

Well, this is again one of the hard questions.

And I should emphasize these are hard questions that I wrote this column.

...