President Obama has made an impressive commitment to run an open administration, posting contracts and spending on the Internet wherever possible. For some reason, there has been no effort to extend this openness to the Fed.
This creates a bizarre disjuncture in public policy. When the Treasury loans money to a troubled bank or other institution through the TARP or its various derivative programs, there is a clear paper trail. Reporters, analysts, and advocates can look up how much money was lent, under what terms and what the government received as collateral. However, when the Fed makes a loan, there is no record whatsoever. Read more »
