The Federal Reserve Bank of Richmond’s decision to hire Thomas Barkin as its next president has renewed questions over the cloaked process of selecting officials who set the most widely watched policy interest rates in the world.

After a nearly yearlong search, Richmond’s board of directors Monday confirmedthey had chosen the McKinsey & Co. executive to start on Jan. 1. Barkin will be a voter on the interest-rate-setting Federal Open Market Committee in 2018.

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