“Some campaigners are critical of the Fed’s handling of the mis-selling scandal at Wells Fargo, which is headquartered in Mr Williams’s district, while activists with the Fed Up group want the New York Fed to restart its search. “We haven’t seen as big a backlash as this to a regional Fed appointment,” said Sarah Binder, a professor of political science at George Washington University. “The criticism has been coming only from the Democrats, but that doesn’t mean it doesn’t matter. The Fed depends on there being public support, and it can only make tough decisions if it is seen as having legitimacy. The more criticism it faces the harder it is to do its job."

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