The Fed's Red Herring

The Provocateur ^ | 07/21/2009 | Mike Volpe

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During Congressional hearings yesterday, the Federal Reserve Chairman, Ben Bernanke, was again questioned vigorously by Congressman Ron Paul regarding more transparency at the Fed. Congressman Paul has introduced H.R. 1207 which would demand more transparency from the Federal Reserve. Currently, and shockingly, the assets, liabilities, and other investments of the Federal Reserve are not open to public scrutiny nor to the scrutiny of just about anyone. No one outside the circle of the Federal Reserve has any idea just how much, and what make up, the current investment portfolio of the Federal Reserve is and how it's doing. Here's how Bernanke justified the limited scrutiny of the Federal Reserve.