As a wave of support for reform across the federal government gains steam, there is one “federal” institution that tends to resist any calls for transparency or reform: The Federal Reserve.
The nation’s central bank is sometimes characterized as the fourth branch of government due to the importance of monetary policy on the U.S. and global economies. Unlike many who serve in the other branches of government, members of the Fed are unelected.
Given that many Americans are unaware or don’t understand the ramifications of Fed policy, this begs the question: Whose interests does the Federal Reserve really serve?
(Hint: Unless you’re a bank, it’s not yours!)