Bankers are likely to be less concerned about a 1 to 2 percentage point rise in the unemployment rate than autoworkers, sales clerks, or custodians. It is unlikely that many bankers, or their friends and family members, will lose their jobs if the unemployment rate were to increase by this amount. Nor are their wages likely to suffer substantially from higher unemployment...On the other hand, bankers may be very concerned about modest increases in the rate of inflation. They lend money at fixed interest rates. If the inflation rate rises above the rate they anticipated when they made loans, then the bankers will be repaid in money that is worth less than the money they lent....

...In other words, higher than expected inflation rates cut directly into bank profits....The fact that the people with the most say in determining Fed policy are associated with the financial sector lends a strong anti-inflation bias to Fed policy. The financial sector is willing to force workers to endure the costs of higher unemployment in order to minimize the risks of inflation. If the Fed were run by people who more closely represented the interests of the public as a whole, it would likely be willing to tolerate greater risks of inflation in order to lower the unemployment rate....

....This Fed generated unemployment is a big source of downward pressure on the wages of tens of millions of workers in the modern economy. The wages of CEOs, doctors, and lawyers do not suffer much when the Fed pushes up interest rates; the wages and employment prospects of autoworkers, store clerks, and dishwashers do suffer when the Fed raises rates.   

From Chapter 2: The Workers Are Getting Uppity Call In the Fed!,  The Conservative Nanny State, by Dean Baker at www.conservativenannystate.org

The role of the National Bank---which is what the FED is---has been a subject of political struggle between producers (workers) and speculators (Wall Street) since the beginning of the republic. Debates over monetary policy are not at the center of most political discussion today, although they should be.

A lot of voter apathy might be explained by the fact that most working folks realize that most of the decisions that affect the trade balances, the cost of imports, the relative value of their wages, as well as their chances of scoring a decent job are out of the hands of our elected representatives.  Instead, like Soviet Communism, these decisions are being made behind closed doors by unelected bureacrats at the FED, the WTO, and the World Bank.