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The Federal Reserve's efforts to stimulate the economy could lead to the creation of as many as 1 million jobs, Fed chairman Ben Bernanke said, according to Senator Richard Shelby (R - Alabama), Bloomberg reports.
The quantitative easing program, in which the Fed will buy up to $600 billion of U.S. government debt from clients including the nation's biggest banks, has come under fire in recent weeks, as government figures and civilians have subjected the Fed to an unusual amount of criticism.
This week, Republican leaders in Congress said they wanted to strip the Fed of its goal of fostering "maximum employment," leaving it with only its responsibility to oversee "price stability."
Today, the Federal Reserve's duties fall into four general areas:
* conducting the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
* supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers
* maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
* providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system
Last update: November 6, 2009
Toro, from your link:
Last update: November 6, 2009
This is new, the OP has a real point. The Fed's responsibilities have been in flux since the recession began and overhaul of financial regulations have been underway.
But previously the Fed had been tasked with maintaining "full employment" at around 5% unemployment as a very tertiary responsibility. One that they had likely never addressed publicly until 2009.
Toro, from your link:
Last update: November 6, 2009
This is new, the OP has a real point. The Fed's responsibilities have been in flux since the recession began and overhaul of financial regulations have been underway.
But previously the Fed had been tasked with maintaining "full employment" at around 5% unemployment as a very tertiary responsibility. One that they had likely never addressed publicly until 2009.
That is the mandate of the Fed as defined by law. Maximum employment was included in the late 1970s. It hasn't changed since.
oh hell that did not taste right 
Yeah, I thought Carter gave them that mission.
In any truly free and educated society, the Fed would have been burned to the ground
I am now ok with the Fed doing all it can to stimulate employment & monetize debt. Of course I have a large pile of gold & silver in my safe, 4 houses & 1/4 owner of a 1,000 acre farm. So I say print to your hearts content. Feed the poor & give them health-care, jobs & retirement. Hell I may even start voting Democrat.
It's well known.
Today, the Federal Reserve's duties fall into four general areas:
* conducting the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
* supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers
* maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
* providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system
FRB: Mission
QE2 Meddling really has the Chinese, and the EU pissed...And a reason Obama came home from his G20 trip virtually empty handed...and the American people were left embarrassed.
That is until Government makes it illegal...don't laugh...My portfolio contains enough of it...QE2 Meddling really has the Chinese, and the EU pissed...And a reason Obama came home from his G20 trip virtually empty handed...and the American people were left embarrassed.
If you can't beat em join em. Buy Gold & rest easy.
