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News Link • Federal Reserve

Fed to Name Recipients of $3.3 Trillion in Aid During Crisis

The Fed intends to post the data on its website at midday in Washington to comply with a provision in July’s Dodd-Frank law overhauling financial regulation. The information spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc. The disclosures may heighten political scrutiny of the central bank already at its most intense in three decades. The Fed’s Nov. 3 decision to add $600 billion of monetary stimulus has met with backlash from top Republicans in Congress, who said in a Nov. 17 letter to Chairman Ben S. Bernanke that the action risks inflation and asset-price bubbles. “It is quite conceivable it is going to stir up the political pot,” said Ward McCarthy, chief financial economist at Jefferies & Co. Inc. in New York. “But political criticism isn’t going to prevent them from doing what they need to do. An important part of being a Fed official is to understand whatever you do is going to come under scrutiny.”

1 Comments in Response to

Comment by Lola Flores
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Lemme guess:  the usual suspects, right?

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