Posted on 07/09/2009 9:20:32 AM PDT by FromLori
A proposal from a long-time congressional foe of the Federal Reserve that could give lawmakers sway over monetary policy has won the support of a majority in the House of Representatives, alarming officials at the U.S. central bank.
The Federal Reserve Transparency Act of 2009, put forward by Republican Representative Ron Paul of Texas, now has 250 co-sponsors in the House. It will get air-time on Thursday during a congressional hearing on Fed independence that will feature testimony from the Fed's No. 2 official, Donald Kohn.
Public anger over the trillion dollars the Fed has put into play to battle the financial crisis and bail out investment bank Bear Stearns and insurer American International Group has created a backlash and calls for more accountability.
A proposal from President Barack Obama to put the Fed in charge of monitoring risks to the entire financial system has intensified the scrutiny.
Paul has tapped into this anger and put forward a 2-1/2 page bill that would explicitly repeal a provision of law that prohibits the Government Accountability Office, a government watchdog agency, from auditing monetary policy decisions.
Fed officials see this as a dangerous intrusion on their independence that could hinder their ability to make the best long-term decisions for the economy.
Paul, however, thinks Congress needs more control.
"Why should they be independent? Independence to them means secrecy, do whatever they want, spend billions of dollars, bail out their friends," Paul told Reuters Television.
Paul's bill, which is co-sponsored by 78 Democrats, would also expose Fed transactions with foreign central banks, Fed emergency lending operations and discussions between Fed officials to scrutiny by the GAO, which can offer policy suggestions to lawmakers.
To become law, the bill would need to win support from the House Democratic leadership, who have yet to show
(Excerpt) Read more at reuters.com ...
Verrry interesting. I wonder what the Senate vote tally currently is.
His idiotic bill would turn the Fed over to Pelosi and Reid. Bernanke may be bad, but this would be terrible.
How would giving Pelosi/Reid and Barney Frank more power over our monetary policy help anything?
That will be the end result of something like this right now..would it not? The Democrats are in charge of everything in Washington.
Related filthy dems won’t allow amendment
http://www.americasright.com/2009/07/demint-proposes-amendment-to-audit-fed.html
Maybe the naysayers should look at this
http://www.americasright.com/2009/07/demint-proposes-amendment-to-audit-fed.html
Clip their wings?
How about taking a lesson from Andrew Jackson and totally shut them down.
Andy closed the US Bank, sold off all its assets and paid off the national debt.
It resulted in the only time in US history when the federal government was cash positive.
Posted yesterday:
“Audit the Fed Blocked by Senate Procedural Move”
http://www.freerepublic.com/focus/f-bloggers/2287823/posts
Harray USA! For the sake of our country and our children stop, severely limit and audit the Fed. The Fed is using our good credit to its advantage around the world.
Boy communist reuters sure put a spin on that story didn’t they? lol good thing people on FR keep an eye on the truth.
Another thing about the FED they are LYING about the money supply.
In discussing the Bank Renewal bill with a delegation of bankers in 1832, Jackson said, "Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."
Ummmmmm...soooooo...does this mean monetary policy is going to come from...er...Congress?
Or the White House?
lol....What is it u don't understand about the CONSTITUTION???????? ...ART.1 sec 8 (read it sometime...give ya a whole new perspective as to how we got here) >>>Congress shall have the power
U mean we cant trust Congress with our money system????...Why don't u try to vote out the Fed then???? ("We the People" are supposed to be in charge....Remember??????????....JEEZ!)
Check out Freedom to Fascism on YouTube. Ron Paul is interviewed on it. It is an eye opener!
I like DeMint, but this is a bad idea.
Uh, Fox and Henhouse?
Paul's bill, which is co-sponsored by 78 Democrats
78 bodies for the Pelosi meat grinder. This won't go unnoticed.
LOL...I was only kidding by the way, but seriously...when...WHEN has ANY liberal politician EVER rolled over because of a GAO report.
They just get the White House Budget Office to issue their own, because they know the vast majority of Americans get glazed eyes and dripping saliva when they read: “The General Accounting Office said today that...”
No it means they would have to be open and honest and tell us where they put all the money that is missing.
Unless we would return to the way it used to be in 1913 which would be a wonderful thing because we would not have to keep paying interest on interest and be perpetually in debt.
The Fed is a private bank run by bankers. How is it good for a Private Bank to hold the purse strings of our country? They are accountable to no one!
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