STATEMENT BY ROBERT REICH
JANUARY 9, 1999

 

          The power influence and control of the Federal Reserve Board has evolved to the point that the Congress has become irrelevant.  On January 7, 1999, Robert Reich, former Secretary of Labor under President Clinton, was quoted in the USA Today as follows:

 

          "The dirty little secret is that both houses of Congress have become irrelevant… in case you hadn't noticed, America's domestic policy is now being run by Alan Greenspan and the Federal Reserve Board...Congress is out of the loop. Every so often, some senators or house members politely ask Greenspan to visit and talk about the economy…Then he goes back down to the Fed and runs the country…America's foreign policy is being run by the IMF (Int'l Monetary Fund…and when the president decides to go to war, he no longer needs a declaration of war from Congress."