The Open Market Committee of the Fed

ByPrimary Researcher

Executive Summary

  • The Open Market Committee is run by a private group of interests that purchase Treasuries in secret.

Introduction

Wight Patman describes the Open Market Committee as follows

“The Open Market Committee, as presently established, is plainly not in the public interest. This committee must be operated by purely public servants, representatives of the people as a whole, and not any single interest group. The Open Market Committee should be abolished, and its powers transferred to the Federal Reserve Board – the present public members of the committee, with reasonably short terms of office.” – AZ Quotes