The Fed Wants the Public to Know It Can Withhold Information Under an Executive Order and Defy Subpoenas from Courts and Congress

The Fed Wants the Public to Know It Can Withhold Information Under an Executive Order and Defy Subpoenas from Courts and Congress By Pam Martens and Russ Martens for Wall Street on Parade

The United States is experiencing the worst pandemic since 1918. The U.S. economy is experiencing the worst economic crisis since the Great Depression of the 1930s. And the general public is attempting to vote in the most important presidential election of a lifetime with obstacles like fake ballot boxes, 5-hour wait lines, and destroyed mail-sorting machines. What is the central bank of the United States, the Federal Reserve, doing with its free time at this critical moment? It’s rewriting its rules for responding to Freedom of Information Act (FOIA) requests from the public and media.

After revising the Fed’s own FOIA rules earlier this year, the Fed is now rewriting the FOIA rules for the Federal Open Market Committee (FOMC). That just happens to be the entity in charge of sluicing that cumulative $9 trillion to trading houses on Wall Street from September 17, 2019 through March of this year. The Fed has yet to release one detail about what specific trading houses got the money and how much each got. But the Fed is very likely contemplating the day that it is sued for that information or Congress or the courts issue subpoenas.

Yesterday, the Fed released the details of what it is proposing in changes to its FOIA rules for the FOMC. The public will have 60 days to submit a comment letter. (Comments from the public on the proposal can be emailed to [email protected] – include “Part 271 Rules Regarding Availability of Information” in the subject line of the message.)

This might be an excellent time for Americans to tell the Fed just what they think about its history of secrecy and stonewalling. For a primer on that history, see our article: Why Americans Don’t Trust the Fed: It’s Too Damn Secretive.

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Wall Street on Parade

Mission: Wall Street On Parade hopes to level the playing field between Wall Street and the 99 percent. Wall Street is a jungle of devices to effect an institutionalized wealth transfer system. The goal of this web site is to provide the jungle guide to the 99 percent in the hope of bringing about citizen-inspired change.