The Federal Reserve--the central bank of the United States--is the
most powerful peacetime bureaucracy in the federal government.
Under the chairmanship of Alan Greenspan (1987-2006), the Fed
achieved near mythical status for its part in managing the economy,
and Greenspan was lauded as a genius. Few seemed to notice or care
that Fed officials operated secretly with almost no public
accountability. There was a courageous exception to this lack of
oversight, however: Henry B. Gonzalez (D-TX)--chairman of the U.S.
House of Representatives Financial Services (banking) Committee.
In Deception and Abuse at the Fed, Robert Auerbach, a former
banking committee investigator, recounts major instances of Fed
mismanagement and abuse of power that were exposed by Rep.
Gonzalez, including: Blocking Congress and the public from holding
powerful Fed officials accountable by falsely declaring--for 17
years--it had no transcripts of its meetings; Manipulating the
stock and bond markets in 1994 under cover of a preemptive strike
against inflation; Allowing $5.5 billion to be sent to Saddam
Hussein from a small Atlanta branch of a foreign bank--the result
of faulty bank examination practices by the Fed; Stonewalling
Congressional investigations and misleading the Washington Post
about the $6,300 found on the Watergate burglars.
Auerbach provides documentation of these and other abuses at the
Fed, which confirms Rep. Gonzalez's belief that no government
agency should be allowed to operate with the secrecy and
independence in which the Federal Reserve has shrouded itself.
Auerbach concludes with recommendations for specific, broad-ranging
reforms that will make the Fed accountable to the governmentand the
people of the United States.
General
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