Wednesday, February 17, 2010

Nothing new... Fed Minutes regarding foreign currency operations, something which may receive unwanted attention should congress understand that the Fed forwarded unsecured (dollar) loans to several Central Banks during the crisis.

1. The Federal Open Market Committee authorizes
and directs the Federal Reserve Bank of New York, for
the System Open Market Account, to the extent necessary
to carry out the Committee’s foreign currency directive
and express authorizations by the Committee
pursuant thereto, and in conformity with such procedural
instructions as the Committee may issue from
time to time:
A. To purchase and sell the following foreign currencies
in the form of cable transfers through spot or
forward transactions on the open market at home
and abroad, including transactions with the U.S.
Treasury, with the U.S. Exchange Stabilization Fund
established by section 10 of the Gold Reserve Act of
1934, with foreign monetary authorities, with the
Bank for International Settlements, and with other
international financial institutions:

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