American News Project interviews Alan Grayson, a freshman Democrat from
Florida, who in a January meeting of the House Financial Services
Committee hearing asked Donald Kohn, Vice Chairman of the Federal
Reserve, what institutions have received Fed loans since September of
2008. Kohn, who would not disclose the names of the banks, responded
that the privacy of the borrowing institutions is necessary “to support
the credit markets.” Grayson quotes President Reagan’s famous adage:
“Trust, but verify.” The Fed, which has no lending cap, has already
taken on two times the total number of loan liabilities legally allowed
to the Treasury with minimal monitoring from a distracted Congress.

—Corbin Hiar

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