A Different Sort of Anti-Fed Protest

Sunday, November 22, 2009 , , 0 Comments

An aerial view of the Fed,
Life, September 1945

WSJ shares the tale of a different sort of anti-Fed protest:

In the early 1980s, farmers surrounded the Federal Reserve with tractors to protest the impact of high interest rates on their industry. Since then, the Eccles Building on Constitution Avenue hasn’t been the site of much public protest. That could soon change — another headache for a central bank already battling with Congress to preserve its independence.

The chair of a Florida-based minority rights group is threatening to go on a hunger strike at the Fed in January to protest the way the Fed enforces community reinvestment and fair-lending laws. One of the group’s complaints is that regional Fed banks, which help to enforce fair lending laws, are too close to the private banks they’re meant to regulate since private bankers sit on regional Fed bank boards.

“Because of your continue lack of willingness to come to Florida and hear our cries, I have no choice but to challenge you until you do so,” Al Pina, chairman of the Florida Minority Community Reinvestment Coalition said in a letter to Fed Chairman Ben Bernanke released to the press. “I will no longer ALLOW YOU to ignore our communities, businesses or families. On January 5, 2010 I will begin a hunger strike in front of the Federal Reserve Building in Washington D.C. And such demonstration will not conclude until you agree to come to Florida to hear the cries of our communities, businesses and families. “

I've been around the backside of Constitution Avenue and I can tell you that it's not a fun place to hang out (it's past the 15th cart selling bad screenprinted Obama t-shirts, out where it looks like the touristy part of DC ran out and only weird obsessed Fedbashers go), nor could I imagine it would be much fun to stage a hunger strike. Those pretzel carts are a bitch.

This is a +1. They need all the luck they can get.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.