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Politicizing the Fed
WSJ ^ | 6/14/2010

Posted on 06/15/2010 4:51:59 AM PDT by Altura Ct.

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.

But Ms. Waters and the House are hunting bigger game—to wit, the political allocation of credit. They want to put a network of operatives at the highest level of government who are responsible for making sure that regulators put the hiring of, and lending to, minorities at the top of their priority list. The House provision makes that very clear by making each diversity officer a Presidential appointee who must be confirmed by the Senate. The post, says the bill, will be "comparable to that of..."

The law says this diversity czar will "ensure equal employment opportunity and the racial, ethnic and gender diversity" of the work force and senior management of these institutions. More ominously, this creature of Congress and the White House will also be charged with "increas[ing] the participation of minority-owned and women-owned businesses in the programs and contracts" of each agency and conducting "an assessment" of stated inclusion goals.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Culture/Society; Government
KEYWORDS: affirmativeaction; economy; endlessracism; federalreserve; racistamerica

1 posted on 06/15/2010 4:52:00 AM PDT by Altura Ct.
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To: Toddsterpatriot; Mase; expat_panama

Our government at work.


2 posted on 06/15/2010 4:55:24 AM PDT by 1rudeboy
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To: Altura Ct.
“Blame for this Congressional intrusion goes to Treasury Secretary Tim Geithner and former Goldman Sachs executive Stephen Friedman for orchestrating the selection of former Goldman economist William Dudley as Mr. Geithner’s replacement at the New York Fed.”

You don’t have to dig very deep into any recent financial issue and find the name of Goldman Sachs. Crony capitalism at its best.

3 posted on 06/15/2010 5:00:17 AM PDT by WILLIALAL
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To: 1rudeboy

My God, we’d get more affirmative action know-nothings like Obama and Holder at the highest levels of fiscal policy. What a train wreck.


4 posted on 06/15/2010 5:01:06 AM PDT by ProtectOurFreedom
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To: Altura Ct.

Andrew Jackson knew how to deal with banks.

5 posted on 06/15/2010 5:01:53 AM PDT by ClearCase_guy
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To: Altura Ct.; Irisshlass; informavoracious; larose; RJR_fan; Prospero; Conservative Vermont Vet; ...
+

Freep-mail me to get on or off my pro-life and Catholic List:

Add me / Remove me

Please ping me to note-worthy Pro-Life or Catholic threads, or other threads of general interest.

6 posted on 06/15/2010 5:03:19 AM PDT by narses ( 'Prefer nothing to the love of Christ.')
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To: Altura Ct.
Maxine Waters is a racist hater, and a traitor to the American Ideal.

Come CWII, well, suffice to say she's on my list.

7 posted on 06/15/2010 5:04:12 AM PDT by I Buried My Guns (Novare Res!)
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To: Altura Ct.

California Democrat Maxine Waters:

The same one who blurted that we should nationalize the oil industry.


8 posted on 06/15/2010 5:08:14 AM PDT by VRW Conspirator (Government does not solve problems; it subsidizes them. - Ronald Reagan)
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To: Altura Ct.

They shouldn’t politicize the Fed. They should do a full audit. Then they should end it and return to constitutional, legal money.

In case you’re slow (which is a safe bet) that means ending the federal protection of a private banking cartel’s monopoly, ending the supply of fake money the government uses to pay for controlling your life, ending the federal intervention into your abilities to contract, and generally forcing government to shrink.

Of course, they won’t do that because the Fed owns congress.

If you think they would be upset with this new regulation, you need to remember the point of all regulation: collusion between government and the biggest players in the industry to exclude competition.

The Federal Reserve is the only one that can legally print fraudulent “money”.


9 posted on 06/15/2010 5:10:10 AM PDT by MichiganConservative (A government big enough to do unto the people you don't like will get to doing unto you soon enough.)
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To: MichiganConservative
In case you’re slow (which is a safe bet) ...

That was probably a bit gratuitous.

10 posted on 06/15/2010 5:14:24 AM PDT by MichiganConservative (A government big enough to do unto the people you don't like will get to doing unto you soon enough.)
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To: MichiganConservative

Don’t be niggardly with your gratuity.


11 posted on 06/15/2010 5:18:38 AM PDT by ClearCase_guy
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To: Altura Ct.

The Fed is the main prop under the entitlement state and Progressive Gov’t. If there was no Fed, there would be no way for Gov’t to run consistent, massive deficits, now way to bail out their cronies, no way to continue programs with $103 Trillion in unfunded liabilities, and to tax you for all of this secretely via inflation.

Maxine Waters is just taking it the next logical step.


12 posted on 06/15/2010 5:29:57 AM PDT by PGR88
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To: PGR88

The Federal Reserve provides the lifeblood of the beast.


13 posted on 06/15/2010 5:36:41 AM PDT by MichiganConservative (A government big enough to do unto the people you don't like will get to doing unto you soon enough.)
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To: WILLIALAL

Why would anyone expect anything but crony capitalism? I just think about organized crime. If a bunch of goombas can organize and run major operations and corrupt various levels of government, think what titans of finance and industry can do. What? They’re gonna play fair?

From Godfather 2:

Michael: My father is no different than any powerful man, any man with power, like a president or senator.
Kay Adams: Do you know how naive you sound, Michael? Presidents and senators don’t have men killed.
Michael: Oh. Who’s being naive, Kay?


14 posted on 06/15/2010 5:51:25 AM PDT by Huck (Q: How can you tell a party is in the majority? A: They're complaining about the fillibuster.)
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