Lecture 4-26-2007

Lecture 4-26-2007 - Political Science Lecture 4-26-2007...

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Political Science Lecture 4-26-2007 Current Events House judiciary committee has granted the DOJ staffer immunity for her testimony House/Senate pass legislation setting Oct. 1 st date for beginning troop withdrawal, part of $124 billion supplemental appropriation 51-46 in Senate 218-208 in house, (Far short of 2/3 veto margin) Bush will veto, and says he wants a “clean” bill The Federal Reserve Greatest short term influence over the economy, and the most independent of any political control What it does: Controls the amount of currency in circulation and the reserves of banks, through buying and selling of gov’t securities Determining interest rates (set by rate fed charges for short term loans to member banks) Fed Independence Risk of political influence on Fed activities (try 0% interest rates in an election year) Independence assured by 7 directors, each of which serves 14 year terms President cannot remove directors except for cause (not disagreement
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Lecture 4-26-2007 - Political Science Lecture 4-26-2007...

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