USA fact of the day

Federal Reserve Board operating expenses have *quadrupled* from 2004 to 2023, reaching ~$1 billion in 2023, according to the Annual Reports of the Board of Governors of the Federal Reserve System.

That is from Jon Hartley.  It is of course correct that the other effects of the Fed far outweigh the size of these expenditures.  Nonetheless, it is worth asking, given these numbers, whether the system in place is generating good decisions.  That in turn said, we do not currently have an “appropriate set of askers.”