Regional fed chiefs: Elite insiders have 'usurped authority'

Regional bank presidents of the Federal Reserve have described the ongoing financial policy making of Washington officials as a complete usurpation of authority and an invocation of emergency powers.

The district chiefs’ authority over borrowing costs has been marginalized in the past two months as Chairman Ben S. Bernanke and the Fed Board of Governors in Washington made their own decisions on emergency measures to flood the economy with cash, reports Bloomberg News.

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