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Justice Seeking To Block Bernanke Testimony

Saturday, August 17, 2013 - 8:12 AM
The government is trying to block questioning of Federal Reserve Chairman Ben Bernanke in a lawsuit by the former head of American International Group Inc.

The Justice Department told a federal appeals court Friday that high-ranking officials should not have to testify except in extraordinary circumstances.

Justice Seeking to Block Bernanke Testimony - ABC News
5
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,091
1. Saturday, August 17, 2013 - 8:33 AM
In the US of "NO TALKIES" do they really think they are going to allow "anyone" to actually testify about "anything"? No one has to testify about anything so there are no "extraordinary circumstances" ever in our country.  What a joke our system has become now.  Oh, I forget.   We are a democracy and a very transparent country.  No, our country is run behind closed doors and when problems arise people suddenly lose their vocal cords.   The Constitution seems to be locked behind those closed doors also!
5
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,992
2. Saturday, August 17, 2013 - 8:46 AM
"The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects. As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."

FAQs: Fed Basics - Federal Reserve Education

The phrase “independent entity within the government” is much too ambiguous and has the effect of conveying great power while avoiding responsibility.
5
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,091
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