ANP (VIDEO): Fed Lends Two Trillion Without Oversight
If you thought $700 billion was a lot of money, well..
But $2 trillion is.. ridiculous.
This is Danielle Ivory from ANP.
Congress and the new administration have been focusing their attention on strengthening oversight for the Treasuryâ€™s TARP program, but meanwhile few are paying any attention to the Federal Reserve.
Since September, the Fed has lent out about $2 trillion (Bloomberg reported 1.2 trillion in November), but it’s keeping the names of its recipients a big secret.
And while the Treasuryâ€™s bailout package has a $700 billion cap, thereâ€™s no limit to how much money the Fed can lend.
The American News Project sat down with Washington newcomer, Congressman Alan Grayson (D-FL), who actually used his five minutes of valuable Q & A time in a Financial Services hearing to do some serious Fed fact-finding.
You can see the story or get the embed code here.
Or follow Danielle’s reporting on twitter here.
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