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News Link • Federal Reserve

Rep. Paul planning hearing on Fed foreign lending

• Reuters

Persistent Federal Reserve critic Representative Ron Paul plans to hold a hearing on the central bank's emergency loans to the branches of non-U.S. banks, and could ask a Fed official to testify, his spokeswoman said on Saturday.

"I was surprised and deeply disturbed ... to learn the staggering amount of money that went to foreign banks," Paul said in a statement.

"These lending activities provided no benefit to American taxpayers, the American economy, or even directly to American banks," he said.

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