While reading the report on the Obama administration’s proposed new financial regulations, we were concerned to see the following. “In order to improve accountability in the use of other crisis tools, we also propose that the Federal Reserve Board receive prior written approval from the Secretary of the Treasury for emergency lending under its ‘unusual and exigent circumstances’ authority.”
The Federal Reserve board is made up of economists whose sole purpose is to be able to monitor and manage the banking risks that are under their purview, and to set monetary policy without political pressure. They are free to . . .
Continue Reading: SCARIER THAN A HORROR MOVIE
