Relief Bill Allows Fed to Not Keep Records

“Tucked into the recent recovery bill was a provision granting the Federal Reserve the right to set up a $450 billion bailout plan without following key provisions of the federal open meetings law, including announcing its meetings or keeping most records about them,” Politico reports.

“The provision, the existence of which has not been previously reported, further calls into question the transparency and oversight for the biggest bailout law ever passed by Congress. President Trump has indicated he does not plan to comply with another part of the new law intended to boost Congress’ oversight powers of the bailout funds…”

“The changes at the central bank – which appear to have been inserted into the 880-page bill by sympathetic senators during the scramble to get it approved — would address a complaint that the Fed faced during the 2008 financial crisis, when board members couldn’t easily hold group conversations to address the fast-moving economic turmoil.”