Tag: Monetary Independence
Fed to Congress: ‘Stop meddling in our Affairs!!!’
by admin on Jul.14, 2009, under Strange Stuff
On Thursday, Federal Reserve Chairmen launched a “robust defense of its independence.” Vice Chairman Donald Kohn said that allowing sensitive decisions to be politically criticized would cause higher interest rates and hurt the USA’s credit rating. 
Kohn warned the House of Representatives that if there was removal of power of monetary independence of the Federal Reserve would cause interest rates to raise due to inflation fears from investors.
The Federal Reserve has felt Ron Paul’s bill, hr 1207, as a threat to its independence. The bill would audit and bring transparency to an otherwise secretive entity. Paul’s bill has about 250 cosponsors.
Source: www.reuters.com
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