Since the US
Federal Reserve handed in trillions of dollars in bailout money
to the country’s largest banks and financial companies, many have
questioned the legitimacy of its power and demanded accountability from
the regulator. Labeled by some as a “black hole in American democracy,”
the Federal Reserve has had an unprecedented amount of power over the
course of the past several months. As backlash to President Barack
Obama’s proposition to give more authority
to the Federal Reserve, a bipartisan coalition has been formed under the
stewardship of a Republican Congressman
Ron Paul demanding
more oversight and the first in its history audit of the Federal Reserve.

—Olga Razumovskaya

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