Cumberland's Eisenbeis Says Fed Chair Sets Policy Tone

The video discusses the structure and influence of the Federal Open Market Committee (FOMC), highlighting the role of the Fed Chair. Despite having 19 members, the Fed Chair holds significant power due to budget control. Leadership changes, such as those by Ben Bernanke, can alter discussion dynamics and policy outcomes, emphasizing the importance of the Fed Chair's role.

Why is controlling the budget considered a source of power for the Fed chairman?

In what ways can the discussions within the FOMC change with different chairmen?