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IPFS News Link • Federal Reserve

Grayson: Fed Should Be Accountable

07/30/2009 • Newsmax

Rep. Alan Grayson, D-Fla., is upset that Congress is in the dark about much of the Federal Reserve’s activity. He notes that he asked Fed Chairman Ben Bernanke what happened to $500 billion that the Fed extended in swaps to foreign countries, Grayson writes on the Naked Capitalism Web site. Bernanke’s response: He didn’t know. The $500 billion lent out should have been discussed by Congress, Grayson says. “That is how democracy is supposed to work — not through secret deliberations” of 12 unelected bankers, the members of the Federal Reserve.

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