Congress and the new administration focus on strengthening oversight for the Treasury’s TARP program, but meanwhile few are paying any attention to the Federal Reserve. Since September, the Fed has lent out about $2 trillion, but it won’t reveal the names of the recipients. And while the Treasury’s bailout package has a $700 billion cap, there’s no limit to how much money the Fed can lend. I sat down with Washington newcomer, Congressman Alan Grayson (D-FL), who is picking a fight with Fed Chairman Ben Bernanke and Vice Chairman Donald Kohn.
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