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WSJ: Fed Secrecy Increasing Under Transparency Sham

February 23, 2012 by  

<em>WSJ</em>: Fed Secrecy Increasing Under Transparency Sham

Despite popular outcry in recent years from Americans demanding more transparency from the Federal Reserve, the central bank has operated behind closed doors to rewrite the rule book that governs U.S. financial markets.

The Fed recently publicized a push for transparency in its interest rate and emergency lending practices; but, unbeknownst to most Americans, there is much more going on behind the scenes. According to The Wall Street Journal, since the Dodd-Frank financial overhaul became law in 2010, the Fed has taken on a larger regulatory role than it ever has. Since passage, the central bank has held 47 financial regulation votes.

To give the illusion of transparency, the Fed’s five voting members reportedly email their votes in on a number of key regulatory issues, rather than casting votes in public meetings like they did throughout the 1980s and 1990s.

Central bank officials claim that public meetings tend to be scripted affairs and shine little light on the process anyway. The officials said they still give the public as many as 90 days to comment on rules.

Among recent Fed disclosures, however, was a dissent from one Fed governor on a regulation related to the Volcker rule that was released Feb. 14, a day after the public comment period on the proposal had closed, depriving public commenters of a valuable perspective.

“I can’t think of any justification” for that, said the official directing the Fed’s rule-writing work.

Filed Under: Conservative Politics, Liberty News, Staff Reports
Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • Bill Miller

    I agree with other comments. It is simply incredible that we let the Fed do what we throw individuals in jail for, that is counterfeiting money. Demand from your legislators that auditing the Fed is of the utmost urgency.

  • John

    I concur with everything ”s c” in the reply above had to say. It’s a shame that our elected congress and President does not have the fortitude to end the power that this Federal Reserve has over the creation of fiat money.

  • Sirian

    As long as the Fed remains we will continue to be played with, enslaved. Simple as that. I continually run up against people that haven’t the slightest idea that the Fed is a private corporation. The con they have been pulling on everyone is the best Ponzi Scheme ever played.

  • s c

    When will Americans understand that the Fed can’t exist without total secrecy? An entity that controls a nation’s wealth can’t afford to keep mere citizens informed. The Fed amounts to a financial religion, and its high priest, Ben the Boob, is charged with keeping lesser mortals (Americans) at a distance from the divine Federal Reserve.
    The Fed’s ‘transparency’ is the same globaloney gobbledegook used by the current prez. The Fed has its own language, and only Bernanke is allowed to ‘translate’ for the Fed and keep us in the dark.
    Congress protects the Fed, and gives the Fed another layer of secrecy. Congress, it seems, tries to act as though the Fed is a financial Manhattan Project, and as long as Congress acts utterly deaf-and-dumb, everything is beautiful [ignorance is indeed bliss in Washington].
    ‘Commenting on rules’ is a meaningless concept, and helps prove that we can ask all the questions we want. It should not come as any surprise that we are NEVER to expect any answers.
    Ergo, “don’t mess with perfection.” Sleep well tonight, because the Fed gods keep us safe. Have faith in the Fed, and trust Ben to keep America’s wealth “intact” – no matter how close to worthless the dollar gets. There you have it, folks.
    Since 1913, we’re supposed to believe that America was “given” the best financial con game that money can buy. Do you REALLY think it’s an accident that an old expression says a fool and his money are soon parted? The Fed proved it almost 100 years ago.

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