New Law Would Force Fed To Do Its Job, So Why Does Fed Oppose It?

Investors Business Daily ^ | 11/20/2015 | Editorial

[citizen]

It'll only make the Fed responsible for what it does, and transparent in how it does it.

This is outrageous. No wonder Janet's panties are in a wad!

No politician or political agency can be expected to allow everyone to know what they are doing and, perhaps more importantly, why.

/s

[Gil4]

Things would be so much less confusing if we did away with “The FED” and had the DC lunatic asylum manage such affairs.

You want the DNC to manage it?

[citizen]

Wal-Mart Pulls Cyber Monday Forward to Sunday
http://www.foxbusiness.com/industries/2015/11/23/wal-mart-pulls-cyber-monday-forward-to-sunday/?intcmp=marketfeatures

Wal-Mart Stores has decided that Cyber Monday, the biggest online shopping day of the year, should not start on a Monday anymore.

The world’s largest retailer by revenue will, for the first time this year, launch all its Cyber Monday deals on the Sunday after Thanksgiving rather than the early hours of Monday morning as in previous years.

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I really don’t need to buy or want for much But I will look at the sales and perhaps I’ll spring for something.

[expat_panama]

Sarcasm aside, tolks here have been talking a lot about ‘what the fed was created for’. iirc the purpose is lender of last resort, and regulate the value of the dollar. This law is not about having the fed do its job, what it’s really doing is setting up new bureaucracy that pretty much wants to take over the entire U.S. economy.

[citizen]

"... what it’s really doing is setting up new bureaucracy that pretty much wants to take over the entire U.S. economy."

Explain, please.

[expat_panama]

It's over in Section16 (re text of the law) which begins on page 49 and drags clear over to page 61.  They're starting with a new commission that's going to have congress control production, the gold standard, the federal debt, employment, prices, etc.   That's an awful big jump from the original mandate of merely 'lender of last resort' and stable prices.  Yeah, in the 1970's congress said the Fed had to worry about employment too but the fact that the really haven't done much there is mostly because hiring the entire U.S. workforce is really not their function. 

[citizen]

That sounds like way too much meddling. It seems that government is incapable of simply setting rules and guidelines w/o also building in controls, most likely self-serving crony-helping controls.

I think I read somewhere this was only show legislation that had no chance of passing anyway. “I voted to reform the Fed etc. blah blah blah”

[expat_panama]

That was my take, something I’ve come to expect from congress sadly to say. I was disappointed that IBD’s editorial staff went for it tho.

[PGalt]

Interesting thread. Thanks to all posters. BTTT