Bernanke expanding the influence of Fed post
Tuesday, August 19th, 2008
Ben Bernanke looks like he’s trying to gather up more power for himself in his position as head of the Federal Reserve.
According to a story by the Chicago Tribune, Bernanke has recently expanded his powers as chairman quite dramatically, and is looking to expand them even further.
Bernanke recently proposed that the Reserve’s blanket of authority be greatly expanded - and everything it would cover would be under his jurisdiction. He’s also been responsible for a number of high-profile financial decisions and cut interest rates across the board quite sharply.
At the moment its all been deemed as necessary in helping keep the U.S. economy, which has been floundering of late, afloat. But what will these expanded powers - for an unelected official, no less - mean in the future?