David Malpass

But what they did on Thursday was to reappoint 11 of the regional Fed presidents.

These are these big banks that are around the country.

that run various parts of the Federal Reserve System.

There's one in Atlanta, one in Denver, excuse me, in Kansas City, and so on, in Dallas, around the country.

And they said that they gave early extension, five-year extensions to the contracts for those presidents.

That's just one of the things this week they did to grow.

You saw that they cut the interest rate, which is good, except it was three months or four months too late.

That's really expensive to taxpayers, because the national debt is so large that every month that you wait costs money.

But one other thing they did again on Wednesday was announced

they were going to start heavily buying Treasury bills.

So we've got this circular process where the government spends all the money, issues Treasury bills, and the Federal Reserve buys the Treasury bills.

So they announced the purchases that I think started yesterday.

Normally, they do it later.

The new terms don't start until March 1st.

So they moved earlier than expected with the announcement on Thursday.

That locks in.

the votes on the Federal Open Market Committee.

That's the board where the Fed uses that board to set interest rates.

And they just themselves named 11 of the members that will be on a 19-member board.

So they just locked in a majority, really, for the next five years.