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Strategies & Market Trends : ahhaha's ahs
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To: ahhaha who wrote (908)1/29/2001 9:19:27 PM
From: FR1Read Replies (3) of 24758
 
I am sure you know more about the history of the FED than I do so you can fill me in on something.

It doesn't make sense to me that congress at some point told the FED to just go ahead and raise/lower rates anytime they wanted with no approval from congress whatsoever.

Someone pointed out to me that congress used to oversee and have to approve any rates changes that the FED wanted to do. They quit doing this because nobody wanted to be sitting on the committee that raised interest rates.

If this is true, wouldn't one solution be to make the FED get approval from congress before raising or lowering rates? in other words, just like the Post Office or a utility, the FED would need to plead their case and convince congress before making a move.
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