Fed's Lawless Behavior Exposes Capture by Corporate Interests

The Federal Reserve's extralegal behavior is undermining democracy and expanding corporate power over public interest.

Regulators at the Fed have captured Wall Street, gutting the intent of laws and violating the Dodd-Frank financial reform law.

A recent paper by Graham Steele and Jeremy Kress argues that the Fed is pursuing 'Extra-Legal Bank Capital Regulation,' which defies the post-2008 capital framework and increases the risk of another financial crisis.

The Fed's willingness to flout the law can be seen throughout its implementation of Dodd-Frank, including the Durbin Amendment, where it set a high rate for debit card transactions that wrapped in new costs not authorized by Congress.