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“If they thought the trillion-dollar student loan debt was a problem for the economy, they could buy student loan debt to get the prices down,” Szczurowski says. At the end of the day, it’s unfortunately not the Fed’s fault.” Back to top Search for “Federal Reserve” on social media, and you’ll probably encounter this phrase: “Audit the Fed!

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But interest rates aren’t tied to the federal funds rate, either.Those two rates would’ve been more closely tied, if Sen.“That’s wrong.” But that legislation never became a law.Interest rates on student loans are mandated by Congress, specifically the Department of Education.The Federal Reserve’s work can often be mind-bendingly complex.

It’s no wonder the institution is shrouded in so much mystery. For the most part, though, these statements are just untrue – but they’re perpetuated by the complicated nature of the job.But in reality, the Fed is audited, and it has an immense amount of oversight, even though it is technically independent from Congress.In other words, just because officials can choose to raise or lower interest rates as they see fit, doesn’t mean they don’t have to follow the rules.After the 2008 financial crisis, the Fed also took on new regulatory roles, acting as a watchdog over the world’s largest financial institutions.When you first think about an interest rate, you probably think about what you’re paying on your mortgage.The bill would also offer Congress direct insight into the Fed’s “deliberations, decisions or actions on monetary policy matters,” a process typically separate from congressional oversight to ensure that interest rate decisions are made free from political pressure. Mint, and paper currency is produced at the Bureau of Engraving and Printing. But the Fed does have a hand in circulating that currency once it’s printed. Second, it can choose to take bills directly out of circulation when they appear to be too old or worn out – or even counterfeit, according to the St. The Fed also directly manipulates the amount of money in circulation through its open-market operations.