The Fed is writing sweeping rules in secret.
They are currently rewriting the entire rule book governing the U.S. financial system without any public input.
Dodd-Frank became law in July 2010 giving the government the largest regulatory role than at any time in history. As an example of their extraordinary powers, they can throw CEO’s in jail if they make errors in their balance sheets. Criminalization of making errors is a first.
I am sure the rule book will be quite the rage.
There are no public meetings – the government will decide for us. There will be no discussing rules and voting in public. Bernanke and the four federal governors have held only two public meetings and they have secretly emailed their votes to the central bank’s secretary. I am sure they know best.
They are not breaking the law but they are breaking tradition. What could possibly go wrong? Nothing to see here, move on.