Monday, August 24, 2009

Transparency 1 - Federal Reserve 0

Score one for the good guys.

Aug. 24 (Bloomberg) -- The Federal Reserve must make public reports about recipients of emergency loans from U.S. taxpayers under programs created to address the financial crisis, a federal judge ruled.

This is a major victory in the battle against encroaching central bank power over the US economy. This also sets a major precedent in eventually allowing for a total audit of the Fed (perhaps making HR 1207 redundant).

I hope the judge has protection.


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3 comments:

Sean M. said...

Er, protection in what sense? Sorry for sounding naive.

Matt Stiles said...

Sean,

Going after central bankers has never usually been a wise career move for federal judges. Additionally, the Fed has literally unlimited resources for the purpose of litigation/arm twisting if need be. This judge is going to need help and lots of it to ensure this sticks.

Geithner came out swinging today standing behind the Fed. So it is not only the Fed this judge is up against but also the Administration.

Meadowlark PC Repair said...

Gotcha. The same government that rolls over shareholders in favour of the UAW will steamroll judges too, I imagine.


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