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Paulson was Secretary of the Treasury, not Federal Reserve Chairman. There's a big difference; a Secretary of the Treasury is a normal Cabinet post subject to C
by apsec112 17y ago
Paulson was Secretary of the Treasury, not Federal Reserve Chairman. There's a big difference; a Secretary of the Treasury is a normal Cabinet post subject to Congressional oversight, while the Federal Reserve basically isn't subject to oversight by anyone.
- digitallogic 17y agoThat's patently false: "The chairman is subject to Senate confirmation to a four-year term. In practice the chairman is often re-appointed, but cannot serve longer than one 14-year term as governor" http://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve http://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve
- roboneal 17y agoThe chairman may be subject to Senate confirmation and dragged in front of a committee now and then. However, the larger practices of the Federal Reserve, especially dealings internationally, are not regulated and essentially secret.