Some of the games being played behind closed doors by the Fed are not only troubling. They are not even legal. It was a clear violation of Section 14 (B) of the Federal Reserve Act for the Fed to respond to the Crash of 2008 by buying $1.5 trillion of mortgages not guaranteed by the federal government. The agency hid behind Section 13.3 language allowing a broad scope of action under “unusual and exigent circumstances,” but the statute states clearly that Section 13.3 loans can only be short term and backed by high quality collateral, a requirement that was blatantly ignored. bastiat.mises.org/2014/04/the-fed-is-not-following-the-law/
Posted on: Mon, 07 Apr 2014 16:08:43 +0000
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