{"id":52539,"date":"2020-07-27T11:25:57","date_gmt":"2020-07-27T15:25:57","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=52539"},"modified":"2020-07-27T11:25:57","modified_gmt":"2020-07-27T15:25:57","slug":"what-to-expect-from-a-biden-and-bernie-fed","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/","title":{"rendered":"What To Expect From A Biden (And Bernie) Fed"},"content":{"rendered":"

Now that Judy Shelton has passed the first big hurdle to be confirmed as a member of the Fed \u2013 passing muster with the Senate Banking Committee by a 13-12 party-line vote \u2013 let\u2019s assume that the full Senate will confirm her. While it\u2019s not a slam dunk, Republicans do control the chamber by a 53-47 majority, so even if Mitt Romney votes against her, as he says he will, she\u2019s probably in. <\/p>\n

Despite what her many detractors believe \u2013 that she has the power all by herself to return the U.S. to the gold standard and direct the Fed to do whatever President Trump wants \u2013 that probably won\u2019t happen unless Fed chair Jerome Powell resigns or Trump figures out a way to remove him without triggering a massive global financial panic safely. Even then, it\u2019s a fantasy. So Shelton is probably going to be confirmed, and nobody is going to die as a result.<\/p>\n

So let\u2019s turn instead to what a Fed under a President Biden might look like. Luckily, the former vice president has publicly revealed what he has in mind, in a short and concise 110-page press release<\/a><\/strong> entitled, \u201cCombating the Climate Crisis and Pursuing Environmental Justice,\u201d the product of a \u201cunity task force\u201d set up by Biden, and former presidential candidate Bernie Sanders, whom I guess wrote most of it. I\u2019ll save you the trouble of pouring through it unless you\u2019re feeling masochistic. <\/p>\n

Granted, there\u2019s only a little (fortunately) in the tome that deals with the Fed. Indeed, through the magic of word search, I found that there are only eight references to \u201cFederal Reserve\u201d in the document, but what\u2019s there is enlightening about their thinking. No, there\u2019s nothing in there about Fed monetary policy, I suppose to respect the Fed\u2019s independence.<\/p>\n

\n

Not A MarketClub Member Yet?<\/a><\/p>\n

Getting started is easy! Test our tools with a 30-Day Trial.<\/p>\n

Learn More<\/a><\/div>\n<\/div>\n

But the recommendations include two new roles for the Fed, one of which is blatantly political and intrusive, something I thought was supposed to be verboten when dealing with the Fed. I guess it depends on who\u2019s in charge. The other would turn the Fed into the 21st-century version of the Bailey Building & Loan<\/a>.<\/p>\n

Let\u2019s start with that one first.<\/p>\n

Under the heading, \u201cEnsuring Equitable Access to Banking and Financial Services,\u201d Biden\u2019s manifesto calls on the Fed to get into the retail banking business and provide \u201caffordable bank accounts\u201d for \u201ceveryone.\u201d <\/p>\n

\u201cOne in four American households are either unbanked or underbanked, putting them at risk of losing money due to exorbitant fees or usurious interest rates,\u201d it says. \u201cDemocrats will support and encourage Congressional efforts to guarantee affordable, transparent, trustworthy banking services for low- and middle-income families, including bank accounts and real-time payment systems through the Federal Reserve and easily accessible service locations, including postal banking.\u201d<\/p>\n

Even more dangerously, Biden and Bernie would add a third directive to the Fed\u2019s current mandates of price stability and full employment \u2013 that of monitoring \u201cracial equity\u201d throughout the economy.<\/p>\n

\u201cThe Federal Reserve should significantly elevate racial equity as part of its mandate by targeting not just the overall unemployment rate but disparate unemployment rate based on race,\u201d the missive says. \u201cTo do so, language in the Federal Reserve Act should be amended to require the Fed chair, in his or her semiannual report, to report not just on macroeconomic conditions, but on the extent of racial employment and wage gaps, and what the central bank is doing to reduce them.\u201d<\/p>\n

According to the Wall Street Journal, \u201cDon\u2019t underestimate how this third mandate would influence the Fed and U.S. economy. To start, a racial-equity mandate would give the Fed an excuse to rarely if ever raise interest rates under any circumstance. This proposal would bake in a bias in favor of ultraloose monetary policy, with racial justice furnishing a formal excuse to overlook inflation risks.\u201d<\/p>\n

\u201cThe Biden monetary mandate also would open the door to regulatory mischief, which is the real prize for the progressive left,\u201d the Journal said. \u201cUnder a diversity mandate, the Fed could require the banks it regulates to collect detailed data about the racial make-up of employees, and their pay, at companies applying for loans. That data could then form a basis for enforcement action against banks that didn\u2019t do enough to reduce racial pay gaps via their lending decisions. This would be a back-door way to impose through regulatory pressure various wage and diversity rules that otherwise couldn\u2019t pass Congress or survive the Supreme Court. Such a data trove would provide bottomless fodder for grandstanding politicians on Capitol Hill.\u201d<\/p>\n

Biden and Bernie also advocate \u201ccreating a public credit reporting agency to provide a non-discriminatory credit reporting alternative to the private agencies, and will require its use by all federal lending programs, including home lending and student loans.\u201d In other words, a government agency will decide if you get credit or not. <\/p>\n

This from the party that\u2019s concerned about Trump politicizing the Fed.<\/p>\n

You\u2019ve been warned.<\/p>\n

Visit back to read my next article! <\/p>\n

George Yacik<\/a>
\nINO.com Contributor - Fed & Interest Rates<\/p>\n

Disclosure: This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Now that Judy Shelton has passed the first big hurdle to be confirmed as a member of the Fed \u2013 passing muster with the Senate Banking Committee by a 13-12 party-line vote \u2013 let\u2019s assume that the full Senate will confirm her. While it\u2019s not a slam dunk, Republicans do control the chamber by a […]<\/p>\n","protected":false},"author":16,"featured_media":52540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[9264,511,6938,30742,15751,8437],"class_list":["post-52539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-fed-chair-jerome-powell","tag-federal-reserve","tag-george-yacik","tag-joe-biden","tag-judy-shelton","tag-senator-bernie-sanders"],"yoast_head":"\nWhat To Expect From A Biden (And Bernie) Fed - INO.com Trader's Blog<\/title>\n<meta name=\"description\" content=\"What would a Fed under a President Biden look like. Luckily, the former vice president has publicly revealed what he has in mind.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What To Expect From A Biden (And Bernie) Fed - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"What would a Fed under a President Biden look like. Luckily, the former vice president has publicly revealed what he has in mind.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/\" \/>\n<meta property=\"og:site_name\" content=\"INO.com Trader's Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/inocom\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-27T15:25:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"George Yacik\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"George Yacik\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/\"},\"author\":{\"name\":\"George Yacik\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/person\/338e515291677fcecc03e9138134bd40\"},\"headline\":\"What To Expect From A Biden (And Bernie) Fed\",\"datePublished\":\"2020-07-27T15:25:57+00:00\",\"dateModified\":\"2020-07-27T15:25:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/\"},\"wordCount\":919,\"commentCount\":3,\"publisher\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg\",\"keywords\":[\"Fed Chair Jerome Powell\",\"Federal Reserve\",\"george yacik\",\"Joe Biden\",\"Judy Shelton\",\"Senator Bernie Sanders\"],\"articleSection\":[\"INO.com Contributors\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/\",\"url\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/\",\"name\":\"What To Expect From A Biden (And Bernie) Fed - INO.com Trader's Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg\",\"datePublished\":\"2020-07-27T15:25:57+00:00\",\"dateModified\":\"2020-07-27T15:25:57+00:00\",\"description\":\"What would a Fed under a President Biden look like. Luckily, the former vice president has publicly revealed what he has in mind.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#primaryimage\",\"url\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg\",\"contentUrl\":\"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg\",\"width\":1200,\"height\":628,\"caption\":\"Biden Fed\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ino.com\/blog\/#website\",\"url\":\"https:\/\/www.ino.com\/blog\/\",\"name\":\"INO.com Trader's Blog\",\"description\":\"Expert Charts, Trading Tips and Technical Analysis from INO.com\",\"publisher\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ino.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.ino.com\/blog\/#organization\",\"name\":\"INO.com Trader's Blog\",\"url\":\"https:\/\/www.ino.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2018\/12\/inologo-400.jpg\",\"contentUrl\":\"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2018\/12\/inologo-400.jpg\",\"width\":400,\"height\":472,\"caption\":\"INO.com Trader's Blog\"},\"image\":{\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/inocom\/\",\"https:\/\/www.linkedin.com\/company-beta\/1056449\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/person\/338e515291677fcecc03e9138134bd40\",\"name\":\"George Yacik\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ino.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/637823661a7bc350a9185ff2bef387b1?s=96&d=identicon&r=pg\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/637823661a7bc350a9185ff2bef387b1?s=96&d=identicon&r=pg\",\"caption\":\"George Yacik\"},\"url\":\"https:\/\/wwwtest.ino.com\/blog\/author\/george-yacik\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What To Expect From A Biden (And Bernie) Fed - INO.com Trader's Blog","description":"What would a Fed under a President Biden look like. Luckily, the former vice president has publicly revealed what he has in mind.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/","og_locale":"en_US","og_type":"article","og_title":"What To Expect From A Biden (And Bernie) Fed - INO.com Trader's Blog","og_description":"What would a Fed under a President Biden look like. Luckily, the former vice president has publicly revealed what he has in mind.","og_url":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/","og_site_name":"INO.com Trader's Blog","article_publisher":"https:\/\/www.facebook.com\/inocom\/","article_published_time":"2020-07-27T15:25:57+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg","type":"image\/jpeg"}],"author":"George Yacik","twitter_card":"summary_large_image","twitter_misc":{"Written by":"George Yacik","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#article","isPartOf":{"@id":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/"},"author":{"name":"George Yacik","@id":"https:\/\/www.ino.com\/blog\/#\/schema\/person\/338e515291677fcecc03e9138134bd40"},"headline":"What To Expect From A Biden (And Bernie) Fed","datePublished":"2020-07-27T15:25:57+00:00","dateModified":"2020-07-27T15:25:57+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/"},"wordCount":919,"commentCount":3,"publisher":{"@id":"https:\/\/www.ino.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#primaryimage"},"thumbnailUrl":"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg","keywords":["Fed Chair Jerome Powell","Federal Reserve","george yacik","Joe Biden","Judy Shelton","Senator Bernie Sanders"],"articleSection":["INO.com Contributors"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/","url":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/","name":"What To Expect From A Biden (And Bernie) Fed - INO.com Trader's Blog","isPartOf":{"@id":"https:\/\/www.ino.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#primaryimage"},"image":{"@id":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#primaryimage"},"thumbnailUrl":"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg","datePublished":"2020-07-27T15:25:57+00:00","dateModified":"2020-07-27T15:25:57+00:00","description":"What would a Fed under a President Biden look like. Luckily, the former vice president has publicly revealed what he has in mind.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ino.com\/blog\/2020\/07\/what-to-expect-from-a-biden-and-bernie-fed\/#primaryimage","url":"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg","contentUrl":"https:\/\/wwwtest.ino.com\/blog\/wp-content\/uploads\/2020\/07\/Fed.jpg","width":1200,"height":628,"caption":"Biden Fed"},{"@type":"WebSite","@id":"https:\/\/www.ino.com\/blog\/#website","url":"https:\/\/www.ino.com\/blog\/","name":"INO.com Trader's Blog","description":"Expert Charts, Trading Tips and Technical Analysis from INO.com","publisher":{"@id":"https:\/\/www.ino.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ino.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.ino.com\/blog\/#organization","name":"INO.com Trader's Blog","url":"https:\/\/www.ino.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ino.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2018\/12\/inologo-400.jpg","contentUrl":"https:\/\/www.ino.com\/blog\/wp-content\/uploads\/2018\/12\/inologo-400.jpg","width":400,"height":472,"caption":"INO.com Trader's Blog"},"image":{"@id":"https:\/\/www.ino.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/inocom\/","https:\/\/www.linkedin.com\/company-beta\/1056449\/"]},{"@type":"Person","@id":"https:\/\/www.ino.com\/blog\/#\/schema\/person\/338e515291677fcecc03e9138134bd40","name":"George Yacik","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ino.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/637823661a7bc350a9185ff2bef387b1?s=96&d=identicon&r=pg","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/637823661a7bc350a9185ff2bef387b1?s=96&d=identicon&r=pg","caption":"George Yacik"},"url":"https:\/\/wwwtest.ino.com\/blog\/author\/george-yacik\/"}]}},"_links":{"self":[{"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/posts\/52539"}],"collection":[{"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/comments?post=52539"}],"version-history":[{"count":0,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/posts\/52539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/media\/52540"}],"wp:attachment":[{"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/media?parent=52539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/categories?post=52539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wwwtest.ino.com\/blog\/wp-json\/wp\/v2\/tags?post=52539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}