Justin Fox: "Why Congress is Furious at the Fed" - Time magazine

Good reading for Mutt People: [Excerpt] ... The Fed is part government agency, part creature of the banking industry. This is by design; from its creation in 1913 (to prevent the bank panics that were periodically paralyzing the economy, as in 1907) until the early 1930s, in fact, the bankers who controlled the regional Federal Reserve banks had the upper hand. Congress changed the law in the early '30s to put Washington clearly in charge, and for almost two decades, the Fed was effectively an arm of the Treasury Department. After 1951, when Treasury restored the Fed's independence, it returned to hybrid status, with the presidentially appointed chairman wielding the most power but the president of the New York Fed--chosen by New York bankers--a close second.

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