Someone alluded to Hillary freezing the interest rate for 5 years.?

My question is this: "Does the President of the United States have the authority to freeze the interest rate? Isn't the rate determined by the Federal Reserve, which is independent of the executive branch?

Asked By: Pythagoras - 2/8/2008
Best Answer - Chosen by Asker
# EXECUTIVE ORDER 11921 allows the Federal Emergency Preparedness Agency to develop plans to establish control over the mechanisms of production and distribution, of energy sources, wages, salaries, credit and the flow of money in U.S. financial institution in any undefined national emergency. It also provides that... More
Answered By: Cookies Anyone? - 2/8/2008
Additional Answers (7)
Thats correct, however the president does speak with the FED and has their strong opinion on what they should do.
Answered By: Jarrod B - 2/8/2008
She was talking about freezing the interest rates on existing ARMs, not the Fed rate. How she intends to do that is a mystery to me. It would require federal funding to the banks.
Answered By: b*******d - 2/8/2008
Can you say "Economic Crash"? Price controls NEVER work. Just look to Jimmy Carter to see what effect they can have on the economy.
Answered By: rotorhead - 2/8/2008
i don't know, but Nixon froze wages AND prices...actually the FED cutting rates is designed to cause a "mini-recession" which in turn is SUPPOSED to combat the bigger problem of inflation...we'll see
Answered By: moon_flower_unicorn_power - 2/8/2008
I've heard her speak of a moratorium on foreclosures and wondered the same thing. Since stinkin' when does the government have the authority to take over banks?! Answer: It's just more hogwash to sell to the poor and ignorant in the US.
Answered By: ruth - 2/8/2008
Hillary's interest has been frozen since college. Her nick name in college SISTER FRIGIDAIRE try freeze a or www.unitelater
Answered By: whodad - 2/8/2008
Excellent answer: Cookies. There won’t be a national emergency with Bush in office, because he could handle it. Why do you think the arms manufactures and their employees’ contribute to Clinton’s campaign? What a catastrophe in the making!
Answered By: pacer - 2/9/2008
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