Fed Rejects Geithner Request for Study of Governance, Structure

Fed Rejects Geithner Request for Study of Governance, Structure

www.bloomberg.com

The Federal Reserve Board has rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central bank’s structure and governance..Some top central bank officials, after agreeing to the review, saw a potential threat to Fed independence after the Treasury released the proposal..U.S. lawmakers have also called for a review of the Fed’s power and structure, saying Fed Chairman Ben S. Bernanke overstepped his authority as he bailed out creditors of Bear Stearns Cos. and American International Group Inc. while battling a crisis that led to $1.62 trillion in writed

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Looks like the Fed is going to fight off anyone that might want a look around. With HR 1207, The Federal Reserve Transparency Act picking up steam I don't know how long they will be able to hold off an audit. I know they will use all their power to prevent it.

“Allowing local bankers to play a leading role in selecting reserve bank presidents is the most worrying aspect of the current system,” Lou Crandall, chief economist at Wrightson ICAP LLC, wrote to clients in July.

District bank presidents are nominated by committees made up of people whose institutions the nominees may have supervised.

“The conflicts of interest inherent in the current system are glaring,” Crandall said.

Lets see what these banksters are up to..



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