New York Sun: The Hubris of the Fed


From The New York Sun
Friday, July 17, 2015

A director of the New York Federal Reserve Bank has jumped into the fray against efforts by Congress increase its oversight of the central bank it created. The director, Glenn Hutchins, asserts in an op-ed piece in the London Financial Times, that the chairman of the Fed's governors, Janet Yellen, "is right" to have warned this week against measures that could subject policymakers "to short-term political pressure, in the name of transparency." He insists that in the past six years "monetary policy has been the only consistently functional economic policy tool." ...

It's not our purpose to suggest that the scandal of the Fed's handling of the AIG crisis is the be-all-or-end-all of this debate. No damages were awarded the AIG shareholders who brought suit, and it may yet be that the Fed will be vindicated on appeal. But one would think that if the directors of the New York Fed are going to start mocking the standing of the Congress of the United States, they would have the judgment to acknowledge the latest verdict in respect of their own institution. The New York Fed was found to have, with the Treasury and certain lawyers, "orchestrated" the AIG takeover in a way to exclude AIG's shareholders.

Isn't this a moment when it would be more logical for the directors of the New York Fed to look to the governance of their own institution? ...

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