Last week, I considered the possibility that Barack Obama would fail to reappoint Ben Bernanke as chairman of the Federal Reserve. Events last week, however, would seem to indicate that this would be a very surprising move. Despite various provocations Federal Reserve officials have given the White House and Congress, most notably their refusal to make public any information regarding the funds provided to them through the various bailout plans, the administration’s white paper actually proposes to expand the scope of the Federal Reserve’s legal authority.