New book published by the Federal Reserve mentions Ron Paul, says review of entire Fed "likely"
Although the Fed receive much criticism after the collapse of the stock market bubble, and the later housing bubble and financial crisis, the political pressure on the central bank has been relative modest in recent years by historical standards. While Fed Chairman Ben Bernanke may face heated questioning from Congressman Ron Paul or Sen. Jim Bunning, it has been nothing on the scope of Wright Patman, let alone any of the major legislative efforts that changed the Fed in the 1930s."
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In contrast with the Volcker-era Fed, which was constantly at odds with Treasury, the current relationship between the Treasury and the Fed is essentially a partnership -- a much closer relationship than at any other time in the FED's post-1935 history.
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The administration and congressional leaders have already vowed to take a close look at the nation's financial regulatory structure, a process that will involve reviewing one of the Fed's three mission areas. In the process, it seems likely that the entire Fed will get a review, especially in an environment of rising populism -- which has always been critical of the Fed -- as Americans grow increasingly angry at their largest public and private institutions...Those types of questions could revive many of the battles the Fed has previously fought and perhaps open the century-old Federal Reserve Act for consideration and revision.
From--
THE BALANCE OF POWER by Tim Todd
The Political Fight for an Independent Central Bank, 1790 - present
http://www.kansascityfed.org/PUBLICAT/BalanceOfPower/Balance...
http://www.kansascityfed.org/publicat/balanceofpower/balance... (PDF of book)
Book written for Fed directors
This book recounts a lot of the opposition and friction that the Fed has faced over the decades. It says the book was written for Directors of the Fed to understand its history and the political pressure it faces.
From the Foreword, by President and CEO of the KCFed:
Outspoken Critics of the Fed / Texas Congressmen
Both of the Fed critics they write about are former US Congressmen from Texas-
http://en.wikipedia.org/wiki/Wright_Patman - Congressman Wright Patman who died in 1976. Chair of the United States House Committee on Banking and Currency (1965–75).
http://en.wikipedia.org/wiki/Henry_B._Gonzalez - Congressman Henry Gonzalez who died in 2000.
It's interesting how the Fed downplays the current anti-Fed movement relative to the past. Maybe they know something we don't -- like they see the economic crisis as an opportunity to advance policy and consolidate/integrate.
Don't you know the Fed has started doctoring its books.
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There's 12 different "Feds"
In the other Fed book Tim Todd wrote, it says that the Federal Reserve System was really designed by Senator Robert Latham Owen, a descendant of the Cherokee leader at the time of the Revolutionary War (and named for him). He has his own park near the D.C. Fed.
Both of these books were published by the KC Fed, which is separate from the NY Fed and therefore has a different perspective.
Also, this Gary North article is about the KC Fed President-
A Regional Central Banker Blows the Whistle
http://www.lewrockwell.com/north/north719.html
"The Fight Continues"
I have a copy of the book and it says it's published by the Public Affairs Department of the Federal Reserve Bank of Kansas City but there's no ISBN on it.
In the beginning there is a chronology that ends with:
Very intersting
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