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SHOWDOWN: Frank eyes Fed audit, emergency lending curbs...

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posted on Aug, 30 2009 @ 11:51 AM
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SHOWDOWN: Frank eyes Fed audit, emergency lending curbs...


finance.yahoo.com

WASHINGTON (Reuters) - Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve's emergency lending powers and subject the central bank to a "complete audit."

...

A bill sponsored by Texas Republican Rep. Ron Paul that would allow the Government Accountability Office, a federal watchdog agency, to audit Fed interest-rate decisions has won the co-sponsorship of more than half of the House.
(visit the link for the full news article)


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posted on Aug, 30 2009 @ 11:51 AM
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So it seems that finally, we have a chance at getting at least some of this infamous audit the fed bill through. But Frank said that he wants to "compromise" and incorporate it into broader legislation...so I don't know if that's another way to simply watering it down and making it useless.

Alex Jones...I don't take him too seriously, but here's another take on it I dug up:
www.prisonplanet.com...


What do you think?

finance.yahoo.com
(visit the link for the full news article)



posted on Aug, 30 2009 @ 11:55 AM
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Politics as usual...they will incorporated an audit under specified conditions only which very little will be made public.



posted on Aug, 31 2009 @ 05:37 AM
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From the article:


A bill sponsored by Texas Republican Rep. Ron Paul that would allow the Government Accountability Office, a federal watchdog agency, to audit Fed interest-rate decisions has won the co-sponsorship of more than half of the House.


I didn't realize that the "audit the Fed" bill was only for auditing Fed interest-rate decisions.


Frank said he has been working with Paul on compromise language. "He agrees that we don't want to have the audit appear as if it is influencing monetary policy because that would be inflationary," Frank told constituents.


Anything that Frank does is suspect. For sure, Frank is in damage-control mode. The only reason he's giving any of this any attention is because he knows that it will pass and therefore, he must insert "compromise language".

Compromise language will kill this bill's intent. I hope Paul has backbone enough to resist. I doubt he does.



posted on Aug, 31 2009 @ 07:02 AM
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Frank is just doing damage control most likely. This way he'll get to control what gets looked at, etc.



posted on Aug, 31 2009 @ 07:25 AM
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Originally posted by Iamonlyhuman

Anything that Frank does is suspect. For sure, Frank is in damage-control mode. The only reason he's giving any of this any attention is because he knows that it will pass and therefore, he must insert "compromise language".

Compromise language will kill this bill's intent. I hope Paul has backbone enough to resist. I doubt he does.


Of course Frank is spineless and worthless. That's been known for years.

Ron Paul, however, is not and has never wavered in all his years. I don't think he will cave. He's been at this too long to give in now.



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