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Jeffrey Lacker, president and chief executive officer of the Federal Reserve Bank of Richmond, listens during a House Financial Services Monetary Policy and Trade Subcommittee hearing in Washington, D.C., U.S., on Wednesday, Sept. 7, 2016. The hearing examined the governance of Federal Reserve banks and how it relates to the conduct of monetary policy and economic performance. Photographer: Andrew Harrer/Bloomberg via Getty Images

Jeffrey Lacker, president and chief executive officer of the Federal Reserve Bank of Richmond, listens during a House Financial Services Monetary Policy and Trade Subcommittee hearing in Washington, D.C., U.S., on Wednesday, Sept. 7, 2016. The hearing examined the governance of Federal Reserve banks and how it relates to the conduct of monetary policy and economic performance. Photographer: Andrew Harrer/Bloomberg via Getty Images