The Fed's Big Conflict of Interest – Peter J. Wallison

Federal Reserve governor Michelle Bowman has a much more difficult task ahead of her than most Fed observers have recognized.

From its beginnings in 1913 , the Fed has had general responsibility for overseeing the health and operations of the US banking system.

The safety and soundness of US banks are the responsibility of three government agencies: the Federal Reserve ( Fed ), the Comptroller of the Currency ( OCC ), and the Federal Deposit Insurance Corporation .

In Canada , the monetary policies of the country are managed by the Bank of Canada , but oversight of banking organizations in Canada is done by the Office of the Superintendent of Financial Institutions (OFSI) OFSI , which is an agency of the Department of Finance , managed by Minister of Finance.