Another clear attempt at political interference emerged in February 1988 when an undersecretary of the Treasury sent a letter to Federal Reserve officials urging them to ease monetary policy. The request was promptly and publicly rebuked by Chairman Greenspan.
Having an attempt at political pressure become public and be sharply rejected was an unusual event in the history of the relationship between the executive branch and the Federal Reserve. The reporting requirements in the Humphrey-Hawkins act expired in May 2000. As a result, the Congress is now reconsidering the monetary policy oversight process.