For the past year and a half I’ve increasingly focused on using FOIA to scrutinize the Federal Reserve. Before I unveil the crown jewel of what I’

Here Are the 30,000 Pages of Federal Reserve Board Meeting Minutes I Got Through FOIA. They Completely Rewrite Federal Reserve History.

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2024-11-26 22:00:06

For the past year and a half I’ve increasingly focused on using FOIA to scrutinize the Federal Reserve. Before I unveil the crown jewel of what I’ve accomplished so far, I think it's worth stepping back and saying why I’ve undertaken such a broad project.

Technical issues that took significantly greater time to work out than I expected caused the delay of this database — but I’m proud to release it today. I would like to thank John Jay student Josie-Grace Valerius for her invaluable yeoman’s work helping to construct a usable and organized database from this mass of meetings

For the past year and a half I’ve increasingly focused on using FOIA to scrutinize the Federal Reserve. Before I unveil the crown jewel of what I’ve accomplished so far, I think it's worth stepping back and saying why I’ve undertaken such a broad project. The Federal Reserve is a massive and extremely significant institution. While the basics of monetary policy reach the headlines, it's also a financial regulator, payments provider, and enforcer of a myriad of national security laws, regulations and executive orders. The fact that it is not subject to annual congressional appropriations gives it unique powers and ability to act. The Fed also has significant and unique immunities to the public accountability laws of this country. 

Many are looking to Jerome Powell’s Federal Reserve to be the “adults in the room” in the Trump administration. Moments of uncertainty can prompt people to turn to conventional “checks and balances” on the executive. But in crucial ways, the Federal Reserve has never shown the remotest “independence” when it comes to being an instrument of national security laws, or executive decisions. (Later this week I will be publishing my assessment of how “the economy” interacted with the election result next week)

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