Professor of Economics Andrew Levin, a former adviser to the Federal Reserve, has joined an activist group calling for changes that would make the central bank more distant from Wall Street and more transparent and accountable, reports The Wall Street Journal.
Levin, a special adviser to then Fed Chairman Ben Bernanke between 2010 to 2012, is “pressing for the overhaul with Fed Up coalition activists. Many of the proposed changes target the 12 regional Federal Reserve Banks, which are quasi-private and technically owned by commercial banks in their respective districts,” writes the Journal.
“A lot of people would be stunned to know” the extent to which the Federal Reserve is privately owned, Mr. Levin tells the Journal.
A subscription is need to read the full story, published 4/11/16 by The Wall Street Journal.