Three members of the Fed’s 10-member policy-making committee dissented from the decision: Richard Fisher, president of the Federal Reserve Bank of Dallas; Charles Plosser, president of the Federal Reserve Bank of Philadelphia; and Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis. The members were the same who opposed the Fed plan announced in August to hold short-term interest rates near zero until at least 2013.
I know that Naryana Kocherlakota was against an fiscal policy of the majority on the Fed Board. But I don’t know much about him. Here’s some stuff from his online biography: Narayana Kocherlakota was born Oct. 12, 1963, in Baltimore, Maryland. He earned a Ph.D. in economics from the University of Chicago in 1987 and an A.B. in mathematics from Princeton in 1983. The number of Americans of Indian background who were born before 1965 in the USA is small indeed. In case you care, apparently his name suggests Telugu Brahmin background to some. No idea if this is correct, and even I have spotted errors in Wikipedia in relation to this. I think the funniest aspect of his background is that of course his Fed website has to have a sound file as to how to pronounce his name.