Fed under fire

Fed under fire

Friday, 3 April 2009

U.S. central bank put politicians under pressure. Senate wants the number and cost of the twelve regional Fed offshoot checked. Comprehensive accounts of funds to commercial banks.

The distrust of many U.S. politicians over "their" bank grows. More and more senators are calling for greater transparency. The focus of the criticism, the lending practices of the Fed.

This has been one of the best-kept secrets. The only thing so far is known, is the total sum, which the Fed has borrowed. And this goes into the trillions. To whom the money, however, was served next, as there has been no information.

Background: The "rescue" of being more and more out of control.

Originally, in particular to the Congress promised greater transparency to leave. But if the Fed currently feeds who receives how much money that remains in the dark.

Originally it was from a rescue package worth 700 billion question. But now the Fed has about 2 trillion distributed.

Journalists and politicians want to know who has received the money. But the Fed switches to stubborn. Still less is an account of what the Fed collateral for their loans took opposite.

The information provider Bloomberg has the FED already sued in November to withhold information about the recipients of the trillion. Bloomberg is relying on the U.S. Freedom of Information Act, and wants more information on the operation of the FED force. But so far nothing has happened.

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