Thank you. I do find striking down those provisions breathtakingly ignorant. The consequences of this additional "transparency" are very complex and require very strenuous justification. What I see instead is ignorance --- RP and his followers on this board appear to lack even appreciation for the issues at hand and go merely under "transparency is good" --- sort of like "when did sleeping an extra hour ever hurt you?"
Stupid people in power worry me. Especially now, when Obama exploits the mood of the American people. RP does the same --- sneaks in his own grievances into law only because the "climate is right." This is unbecoming to say the least: there is absolutely no urgency with this issue. None. Zilch. RP merely exploits our mood for whatever purposes he may have.
I disagree, at least in part, with your position. I think that at a minimum the Comptroller General should have the power to audit member banks without written permission in advance from the Fed. I also think the Comptroller General should probably audit discount window operations, the reserves of member banks and interest on their deposits.
I’ve read opposing views on auditing the workings of the Open Market Committee and, to be honest, I’m torn about that. It appears to me that both sides of auditing the workings of the Committee are trying to make the issue more complicated than it should be. I have to read more before taking a position on that part of the bill.