After former New York Federal Reserve Bank William Dudley effectively encouraged the central bank to prevent President Donald Trump’s re-election, a senator is now requesting an investigation into the Eccles Building’s independence.
As we all know, the Fed is not an independent institution. Some will contend that it is privately-owned and others will make the case that it is a political organization that coordinates with the White House and Congress (SEE: Donald Trump is right – Federal Reserve is a political tool to help the White House).
Either way, Senator Thom Tillis (R-NC) wants an official probe into the matter.
From Zero Hedge:
And sure enough, on Wednesday afternoon, Republican Senator Thom Tillis called for the Senate Banking Committee to probe the Federal Reserve’s independence after Bill Dudley infamously suggested the upcoming presidential election “falls within the Fed’s purview”, hinting that it is ultimately the Fed – through its monetary policy – that picks the US president.
Tillis, who is up for reelection next fall in swing state North Carolina, said he plans to ask the Banking Committee’s chairman, Sen. Mike Crapo (R-Idaho), about convening a hearing “regarding Fed independence and the danger of this institution taking unprecedented and inappropriate steps to meddle in the presidential election.”
Quoted by Politico, Tillis said “I am very disappointed that former Fed monetary Vice Chairman Bill Dudley is lobbying the Fed to use its authority as a political weapon against President Trump. The President is standing up for America against China after 30 years of our country and our workers being ripped off and there is now an effort to get the Fed to try to sabotage the President’s efforts.”
Can we stop with the charade now?
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