Stop the Federal Reserve From Shredding Its Records

Robert Auerbach
The Huffington Posat
March 10, 2010

• A d v e r t i s e m e n t

Should the policymaking committee of the most powerful peacetime entity in the United States government be allowed to destroy their source records? The Federal Open Market Committee of the nation’s central bank, an intricate part of the United States government may be continuing to destroy its source records, a policy it began in 1995 with an unrecorded vote -no fingerprints – conducted by then Chairman Alan Greenspan.

The FOMC committee is, when at full strength, composed of 12 unelected members. Five of these members are regional Fed Bank presidents who are internally appointed without having to go through a confirmation process where their views and credentials can be publically examined. The case now before the Supreme Courts [Free Enterprise Fund v. Public Accounting Oversight Board] should have direct application to their internal appointment. There should be presidential nomination and confirmation hearings for these unelected officials.

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