In the aftermath of the shocking Bill Dudley op-ed, which has “opened a staggering can of worms“, and prompted many to call the former NY Fed central banker “rogue”…
Dudley is now officially a rogue central banker.
— Kyle Bass (@Jkylebass) August 28, 2019
… it was only a matter of time before someone called for an official inquiry into the “independence” of the Federal Reserve: the world’s most important central bank, the same one which Bernanke’s former advisor Andrew Levin said 3 years ago, “a lot of people would be stunned to know” the extent to which the Federal Reserve is privately owned.”
And sure enough, on Wednesday afternoon, Republican Senator Thom Tillis called for the Senate Banking Committee to probe the Federal Reserve’s independence after Bill Dudley infamously suggested the upcoming presidential election “falls within the Fed’s purview”, hinting that it is ultimately the Fed – through its monetary policy – that picks the US president.
Tillis, who is up for reelection next fall in swing state North Carolina, said he plans to ask the Banking Committee’s chairman, Sen. Mike Crapo (R-Idaho), about convening a hearing “regarding Fed independence and the danger of this institution taking unprecedented and inappropriate steps to meddle in the presidential election.”
Quoted by Politico, Tillis said “I am very disappointed that former Fed monetary Vice Chairman Bill Dudley is lobbying the Fed to use its authority as a political weapon against President Trump. The President is standing up for America against China after 30 years of our country and our workers being ripped off and there is now an effort to get the Fed to try to sabotage the President’s efforts.” – READ MORE