17 Dec
2003
17 Dec
'03
11:17 p.m.
Michael Froomkin - U.Miami School of Law wrote:
Instead of reading the rabid nonsense referred to in the previous post in this thread, try http://www.law.miami.edu/~froomkin/articles/reinvent.htm wherein it is revealed that (gasp!) the Federal Reserve is an independent federal agency, but that (private) federal reserve banks have five of the twelve votes (the rest belong to government officials) on the Open Market Committee, an important policy-setting body that has an influence over the money supply. Incidentally, this practice was upheld in Melcher v. Federal Open Mkt. Comm., 644 F. Supp. 510 (D.D.C. 1986).
[snip] Are the other 7 votes really "government officials" in the strictest sense, with no significant ties to the banks?