Fed to Treasury: Mind Your Own Damn Business
Bwhahahahahahahaha, Timmy! Nice try! What the hell makes you think the Fed is going to tell you what they are doing?! Get in line, buddy!
The Federal Reserve Board has rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central bank’s structure and governance, three people familiar with the matter said.
The Obama administration proposed on June 17 a financial- regulatory overhaul including a “comprehensive review” of the Fed’s “ability to accomplish its existing and proposed functions” and the role of its regional banks. The Fed was to lead the study and enlist the Treasury and “a wide range of external experts.”
Some top central bank officials, after agreeing to the review, saw a potential threat to Fed independence after the Treasury released the proposal, two of the people said. The Obama plan said the Treasury would consider recommendations from the review and “propose any changes to the Fed’s governance and structure.”
“It is not obvious at all why that is a Treasury responsibility or even appropriate why the Treasury would undertake that kind of study,” said Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. in Vineland, New Jersey, and a former Atlanta Fed research director. “The Fed was created by Congress and it is not part of the executive branch.”
Whoa, dude has a point. It's none of the Treasury's business.
Bwhahahahahaha, starting to regret that whole 1913 Federal Reserve Act thing are we?
Also, shouldn't Timmy be able to produce this information himself? I mean seeing as how he was still President of the NY Fed just a year ago, certainly he remembers how the Fed's structure works? Hell, Jr Deputy Accountant could probably produce this damn information.
What an asshat. Don't you just hate when the Fed tells you to fuck off when you go knocking on their door, Timmy? Someone should really do something about that.