Business

ANP (VIDEO): Fed Lends Two Trillion Without Oversight

By  | 

If you thought $700 billion was a lot of money, well..

It is.

But $2 trillion is.. ridiculous.


This is Danielle Ivory from ANP.

Congress and the new administration have been focusing their attention on strengthening oversight for the Treasury’s TARP program, but meanwhile few are paying any attention to the Federal Reserve.

Since September, the Fed has lent out about $2 trillion (Bloomberg reported 1.2 trillion in November), but it’s keeping the names of its recipients a big secret.

And while the Treasury’s bailout package has a $700 billion cap, there’s no limit to how much money the Fed can lend.

The American News Project sat down with Washington newcomer, Congressman Alan Grayson (D-FL), who actually used his five minutes of valuable Q & A time in a Financial Services hearing to do some serious Fed fact-finding.

You can see the story or get the embed code here.

Or follow Danielle’s reporting on twitter here.

And visit Acorn Project for more music like this.