Fed Rate-Setting Meetings Could Be Cut From Eight to Six Per Year

A proposal to reduce the U.S. Federal Reserve's rate-setting meetings from eight to six per year is gaining traction, with at least six regional Fed presidents expressing openness to the idea.

The plan was first proposed by Chair Kevin Warsh in July and would also involve converting two additional meetings into forums for substantive economic discussion.

'Taking a fresh look at how we do our work is a great thing,' said Anna Paulson, president of the Philadelphia Fed. 'I'm open-minded on that issue, just like on monetary policy.'

The proposal would represent a significant shift in how the U.S. central bank operates, as the Fed has maintained an eight-meeting schedule since 1981.