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Finally, the Fed is in Trump's sights.
In what may be a harbinger of major headaches to come for the Fed, a recent letter (Jan. 31) penned by Republican representative Patrick McHenry, Vice Chairman of the Financial Services Committee, has lashed out at Janet Yellen, telling the Fed chair in no uncertain terms that "despite the clear message delivered by President Donald Trump in prioritizing America's interest in international negotiations, it appears that the Federal Reserve continues negotiating international regulatory standards for financial institutions among global bureaucrats in foreign lands without transparency, accountability, or the authority to do so."
His assessment of this ongoing activity by the Fed: "This is unacceptable."
McHenry's emphasis is on "international forums" such as the Financial Stability Board, the Basel Committee on Banking and Supervision, and the International Association of Insurance Supervisors, and he notes that "continued participation" in these forums must be "predicated on achieving objectives set by the new Administration", something which will "likely require a comprehensive review of past agreements that unfairly penalized the American financial system in areas as varied as bank capital, insurance, derivatives, systemic risk, and asset management."
He then adds that "the secretive structures of these international forums must also be reevaluated" because when the deals were negotiated, "international standards were turned into domestic regulations that forced American firms of various sizes to substantially raise their capital requirements, leading to slower economic growth here in America.
originally posted by: rickymouse
I didn't even realize this was going on. I thought our government had the final say so as to regulating the Federal Reserve. It is much worse than I thought, the Federal Reserve seems not to be accountable to our government at all.
European leaders are calling newly elected US President Donald Trump “a threat” now. The American chief executive now joins Russia’s Vladimir Putin and jihadist terrorism as Europe’s biggest boogeymen. It’s only a matter of time before the EU levies sanctions on the people of the United States, or vice versa. The European elites are beset by enemies of global ultra-liberalism, yes indeed. journal-neo.org...