{"id":52535,"date":"2020-04-15T15:19:36","date_gmt":"2020-04-15T20:19:36","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52535"},"modified":"2020-04-15T15:22:04","modified_gmt":"2020-04-15T20:22:04","slug":"what-are-you-gonna-do-about-it","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52535","title":{"rendered":"What Are You Gonna Do About It?"},"content":{"rendered":"\n

What Are You Gonna Do About It?<\/a><\/h3>\n\n\n\n
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Tucked into the recent recovery bill was a provision granting the Federal Reserve the right to set up a $450 billion bailout plan without following key provisions of the federal open meetings law, including announcing its meetings or keeping most records about them, according to a POLITICO review of the legislation.<\/em><\/strong><\/p>\n\n\n\n

The provision further calls into question the transparency and oversight for the biggest bailout law ever passed by Congress. President Donald Trump has indicated he does not plan to comply with another part of the new law intended to boost Congress\u2019 oversight powers of the bailout funds. And earlier this week, Trump dismissed the government official chosen as the chief watchdog for the stimulus package.<\/em><\/strong><\/p>\n\n\n\n

The changes at the central bank \u2013 which appear to have been inserted into the 880-page bill by sympathetic senators during the scramble to get it approved \u2014 would address a complaint that the Fed faced during the 2008 financial crisis, when board members couldn\u2019t easily hold group conversations to address the fast-moving economic turmoil.<\/em><\/strong><\/p>\n\n\n\n

The provision dispenses with a longstanding accountability rule that the board has to give at least one day\u2019s notice before holding a meeting. Experts say the change could lead to key information about the $450 billion bailout fund, such as which firms might benefit from the program, remaining inaccessible long after the bailout is over.<\/em><\/strong><\/p>\n\n\n\n

The new law would absolve the board of the requirement to keep minutes to closed-door meetings as it deliberates on how to set up the $450 billion loan program. That would severely limit the amount of information potentially available to the public on what influenced the board\u2019s decision-making. The board would only have to keep a record of its votes, though they wouldn\u2019t have to be made public during the coronavirus crisis.<\/em><\/strong><\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

What Are You Gonna Do About It? Tucked into the recent recovery bill was a provision granting the Federal Reserve the right to set up a $450 billion bailout plan without following key provisions of the federal open meetings law, including announcing its meetings or keeping most records about them, according to a POLITICO review […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2809,5270,29459,303,6174,7831,827,1796,3650],"class_list":["post-52535","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bailouts","tag-big-banks","tag-big-corporations","tag-fed","tag-michael-krieger","tag-politico","tag-united-states","tag-us-congress","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52535"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52535\/revisions"}],"predecessor-version":[{"id":52537,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52535\/revisions\/52537"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}