Politicizing the Fed -- Congress seeks more control over the 12 regional banks (GRAPHIC WARNING!)

The Wall Street Journal ^ | 06-14-10 | The Wall Street Journal Editorial Staff

[GOP_Lady]

For 97 years the 12 regional banks of the Federal Reserve system have operated relatively free of political interference from Washington. The looming financial reform bill threatens that independence, not least through an effort to impose new presidential appointees at the regional banks.

The biggest underreported threat comes from Subtitle I, Section 1801 of the House financial reform bill titled "Inclusion of Minorities and Women; Diversity in Agency Workforce." Sponsored by California Democrat Maxine Waters, the provision requires each federal financial agency, the Fed Board of Governors and the 12 regional Fed banks to "establish an Office of Minority and Women Inclusion."

So what else is new, you say? Don't the feds already dictate racial and gender hiring? Yes, they do, through the Equal Employment Opportunity Commission and assorted other federal laws. As a matter of racial and gender diversity, the Waters provision is at best redundant.

[GOP_Lady]

[GOP_Lady]

To be added or removed from the "The Wall Street Journal" Ping List, FReepmail GOP_Lady.

[beckysueb]

Oh my. She is trying to replace HT.

[KarlInOhio]

I got your minorities to take over the Federal Reserve right here.

[WashingtonSource]

They want to do to the regional Feds what they did with Fannie and Freddie — expand the political spoils system, wreak havoc on banking and the economy while lining their pockets with contributions and bribes all the while setting up favored politically-connected hacks as bankers for outrageous compensation that would make Wall Street blush with accounting gimmicks that would embarrass Arthur Anderson. Just ask former Fannie Mae CEO Franklin Raines.

[The Comedian]

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[Munz]

Wow, where did you get the picture of her from when she was younger and more attractive?

[The Comedian]

Wow, where did you get the picture of her from when she was younger and more attractive?

It's from when she didn't speak with a Negro dialect (unless she wanted to), and was clean and articulate.

She was "high yellow" then as well.

But that's the past.

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[Leisler]

If getting congress involved will destroy the Federal Reserve and the Reserve banks, them more power to them.

[Nat Turner]

LOL Works for me Karl!!!

[Salvation]

Graphic Warning indeed.

Obama — stau out of it.

[happygrl]

Sounds like the Soviet Union’s policy of having a political officer at every industry and office.

Maybe Glenn Beck is not so crazy?

[wac3rd]

She is a raging lunatic and a moron.

[Carry_Okie]

LOL, the WSJ bewails the Congress actually taking responsibility for assuming one of its few Constitutional powers under Article I, Section 8? Really?

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

Looks legit to me. Delegating that responsibility to the Fed was clearly not.

[DontTreadOnMe2009]

And a very wonderful looking lady she is, too

[DontTreadOnMe2009]

This is one of the controlling elite?

[junta]

The mods ought to delete that post of yours. Denninger has some good quotes on this and without the sensless snarkiness.