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The Fed Likes to Tout its Independence, So Why are Big Banks Lobbying It?
Key Excerpts from Article on Website of The Intercept
Posted: November 8th, 2022
https://theintercept.com/2022/10/26/federal-reserve-bank-lob...
The Federal Reserve, far from the independent institution it often touts itself as, is under intense pressure at all times from massive commercial banks and other financial institutions advocating for favorable regulations, according to federal lobbying disclosures reviewed by The Intercept, as well as interviews with former Fed and other finance employees. The Federal Reserve has come under scrutiny in recent months for its aggressive interest rate hikes. The Fed’s own research has warned that its aggressive policy mirrors a similar one that caused a “severe recession” under Paul Volcker in the 1980s. Even the United Nations ... recently warned that the Fed’s rate hikes risk “inflicting worse damage than the financial crisis in 2008 and the COVID-19 shock in 2020.” Besides setting monetary policy, the Fed is also tasked with regulating commercial banks. The intense lobbying the Fed is subjected to is targeted at these banking regulations. Paid lobbyists make their case on behalf of massive financial corporations in the same fashion as K Street lobbyists hawking their wares to members of Congress. In 2022 alone, over 120 groups reported lobbying the Fed on issues ranging from credit card fees to cryptocurrency to sprawling monetary policy initiatives such as mortgage finance. Postings on the Federal Reserve website in the past year record meetings with Discover Financial, Student Loan Servicing Alliance, National Bankers Association, Capital One, JPMorgan Chase, Morgan Stanley, and Goldman Sachs.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial system corruption from reliable major media sources.
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