Congress has the power to monitor and "regulate" The Fed. That is, The Fed is not - or isn't supposed to be - completely autonomous. It has oversight, or should.
The reality is, it does not. Congress lets The Fed run wild. That might be the status quo, but it's not how it legally needs to be.
So yes, Congress isn't doing their job. And no one (read: the media) is questioning that negligence.
Again, only in America. << That's not editorial. It's a statement of fact.
Not a down-voter and I agree with your positions, but why stop at congressional oversight? Why should a private company [1] be controlling a nation's money supply?
The fire him, Wall Street and the rest panics. They keep him and we get more insanity.
He was interviewed on Marketplace (NPR) this past week and he should be a politician. Tons of half answers and such. Another disconnected elite with zero affinity for accountability.
I can't speak for Europe, but Congress does have the power to put The Fed on a leash and they don't. The conflict of interest is blinding. We The People in the darkest dark. Again.
That's the scope of Only in. America, in this case.
Congress has the power to monitor and "regulate" The Fed. That is, The Fed is not - or isn't supposed to be - completely autonomous. It has oversight, or should.
The reality is, it does not. Congress lets The Fed run wild. That might be the status quo, but it's not how it legally needs to be.
So yes, Congress isn't doing their job. And no one (read: the media) is questioning that negligence.
Again, only in America. << That's not editorial. It's a statement of fact.