Nathan Tankus
speaker
348 appearances
2 recordings
1 series
first heard Feb 2025
last heard 17 Jul
Nathan Tankus’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
And this is really actually really important because one of the most unique thing about the Federal Reserve Board is its complete autonomy from the appropriations process.
And the basis of that complete autonomy is when they want more funds, they have complete autonomy to raise the assessments on the Federal Reserve Banks.
Now, formally, this is an assessment.
You kind of think, oh, we're just taking some money from here, taking some money there.
But if you think about it, the Federal Reserve Banks are creating money.
And so whenever they hit an assessment and order up some more assessment payments, they're essentially directing the Federal Reserve Banks to create money and credit the Federal Reserve Board's bank account.
The Federal Reserve Board has a bank account with the Federal Reserve Bank.
and runs its spending, pays its payroll out of that.
And that's what keeps it complete separation, keeps the OMB out, keeps the White House out.
And this has been a recurring argument where literally it was like, well, if you don't do this, they won't be able to, they might run out of the budget to process checks.
And we want them to process checks, so we've got to give them unlimited freedom from appropriations.
And that unlimited freedom of appropriations was obviously founded on being independent of the president.
Because if you have unlimited freedom from appropriations and you have direct control of the Federal Reserve Board,
It's not the Federal Reserve Banks.
It's literally the board part where you can just raise assessments as you want and spend, spend, spend.
So this has been a big hobby for us that they kind of have total freedom of fiscal policy notionally over their operational expenses.
But that can be, of course, defined in all sorts of ways.
Yeah, I mean, I've been getting to this a lot the last few years and trying to get memos and justifications from this from the Fed and specifically from the Federal Reserve Bank of New York and specifically around like it's very under talked about.
But they made a lot made use of a lot of non recourse loans, right?
And a non-recourse loan is just, you know, if you're making a non-recourse loan and it's much above the current asset value, it's essentially a purchase.
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