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• W2581970086 abstract "INTRODUCTIONWith the fiftieth anniversary of the Freedom of Information Act (FOIA) in 2016, advocates for greater transparency in the American government will contemplate whether and how that statute and others like it have shed light on the deepest decision-making processes of lawmakers and those who advise them. This Article will apply the tradition of American government transparency (or lack thereof) to the Federal Reserve System (the Fed), which as the nation's central bank has a crucial but little-understood influence on the state of the nation's and the world's economies. This became a matter of even greater public interest after the financial collapse of 2007-2008, which sent the world economy into a stubborn and long-lasting recession, and which may have been the indirect or even direct result of decisions made at the Fed.1Through a pattern of meetings behind closed doors and structural isolation from the checks and balances process, the Fed receives very little public oversight of decisionmaking processes that directly affect the people's economic well-being. Who actually controls, owns, or oversees the Fed is a common question among government watchdogs. If these questions prove difficult to answer, it follows that transparency suffers when watchdogs are forced to ask further questions about an entity whose very structure and place in the American government are cloaked in secrecy.In 1913, President Woodrow Wilson, a critic of central banks who nonetheless signed the bill that brought the Fed into existence, foreshadowed the problems that could be caused by a secretive banking industry led by unaccountable insiders:Since I entered politics, I have chiefly had men's views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of somebody, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it.2The myriad causes of the 2007-2008 financial crisis are beyond the scope of this Article, though financial experts (in hindsight) have pointed to a combination of factors that are relevant for a discussion of transparency in monetary policy.3 Granted, the private banking industry committed many transgressions of a structural nature, such as predatory lending without sufficient government oversight, which encouraged banks to take on too much risk;4 increasingly complex securitization and trading of other people's assets, made possible by deregulation that reduced government oversight;5 and a trend of mergers and buyouts that allowed financial institutions to become larger and larger.6 Since the advent of the crisis, these have been reported extensively in news articles and books.7A much lesser-known influence on the events leading up to the financial collapse was the internal decision-making process at the Fed, particularly in regard to interest rates and money supplies.8 As will be described herein, the Fed is a quasipublic independent agency within the Executive Branch with no direct oversight, and reduced checks and balances from the other branches of the government.9 The Fed is the primary instigator of adjustments in the American money supply, making it the key mover in monetary policy and therefore the final approver of the amount of money that flows into the banking system.If anyone chooses to use FOIA10 or related transparency statutes to find information on the state of the financial industry, they are likely to be thwarted by legal interpretations, agency structures, and case precedents that have been in place since before the 2007-2008 meltdown.11 Of particular interest is the fact that the American economy is overseen by an unwieldy variety of quasi-public agencies and secretive advisory committees, large categories of financial information are exempted from FOIA, and banks have been known to claim that their proprietary financial instruments are trade secrets. …" @default.
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• W2581970086 date "2016-10-01" @default.
• W2581970086 modified "2023-09-23" @default.
• W2581970086 title "Crash and Learn: The Inability of Transparency Laws to Penetrate American Monetary Policy" @default.
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