Can citizens sue Federal Reserve?
Mish, in light of your comment on Fed's statement on buying individual corporate bonds and Hussman's questions on its legality, I have a question.
Can we (ordinary citizens) sue Federal Reserve in a court of law? If so how should one proceed?
Recall that 5 days ago on question about asset bubbles Powell said-
"Really it’s about getting the labor market back and getting it in shape. That’s been our major focus. I would say if we were to hold back because, we would never do this, but the idea that, just the concept that we would hold back because we think asset prices are too high, others may not think so, but we just decided that that’s the case, what would happen to those people?What would happen to the people that we’re actually, legally supposed to be serving? We’re supposed to be pursuing maximum employment and stable prices, and that’s what we’re pursuing."
If they are "legally" supposed to be serving people, one should be able to "legally" challenge that their policies since 2008 crisis has been about asset price support. I do not expect any action from Fed's masters (Congress or Big Banks) to do anything since they benefit from its dubious actions and are never blamed for it.
The very idea to force Fed explain its actions and transactions to a judge and jury is tantalizing. Is it naive to think that way? Your thoughts?