The Federal Reserve Board of Governors receives daily reports on loans to banks and securities firms, the institution said in response to a Freedom of Information Act lawsuit filed by Bloomberg News. The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.
The Fed is insisting on secrecy. You don't need to know what they're up to and it's really none of your business. They are playing games with the economy and the more they fiddle, the worse it gets. Who does the Fed report to? It is accountable to Congress which is complicit in the secrecy.
This makes Ron Paul's Audit the Fed Bill very timely.
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