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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