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Congress to debate bill to check Fed's powers

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posted on Aug, 31 2009 @ 03:39 PM
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The Federal Reserve faces more oversight from the US Congress under a bill that will be voted on before the end of the year, according to leading Democrats. Ron Paul, the Republican congressman from Texas, has attracted wide bipartisan support for legislation that would give Congress a greater check over the Federal Reserve, the culmination of a 30-year campaign. Ben Bernanke, chairman of the central bank, has warned that any political interference could shake markets, increase inflation and drive up the cost of servicing US debt for generations to come. The two points of view had seemed irreconcilable and with more than half of the House of Representatives having lent their support to the bill, Barney Frank, the chairman of the House financial services committee, was under pressure to bring it to the floor.


But Mr Frank is aiming to bring forward legislation that would safeguard the Fed's monetarywhile en policy independence hancing transparency and creating checks and balances for theBut Mr Frank is aiming to bring forward legislation that would safeguard the Fed's monetary policy independence while enhancing transparency and creating checks and balances for the bank's use of emergency lending powers. bank's use of emergency lending powers. "I want to restrict the powers of the Federal Reserve in a number of ways," Mr Frank told his town hall audience. He cited the proposed Consumer Financial Protection Agency, which would take protection of consumer interests from the Fed, and said he was concerned about the central bank's freedom to lend wherever it wants under its "section 13 (3)" powers. The Fed used the powers to lend to AIG, the now quasi-nationalised insurance group, which faced collapse last year at the height of the financial crisis. That is one of several areas of concern to a number of politicians, such as Mr Paul, who accuse the Fed of being unaccountable and wielding too much authority. "Fed sycophants argue that an audit would destroy the financial markets' faith in the Fed," said Mr Paul in a speech last month.


www.ft.com...

Barney Frank better not try to water down this bill. I know that politicians are going to try to add amendments to it and destroy the whole integrity of the Audit the Fed bill (HR 1207).

Anyway...the debate is finally going to begin. We need to keep a strong watchful eye on all of them and make sure the bill stays in it's current form.




posted on Aug, 31 2009 @ 03:44 PM
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Help me out here David.

Franks was instrumental in giving the Treasury more power than ever before. The Treasury then wanted to give the Federal Reserve more power based on the powers that was given to it by Congress. Now Franks wants to take over Ron Paul's idea and audit the Fed.

What's going on here? If Franks like Ron Paul's idea, why didn't he sign on from the get go. This could have been done months ago.



posted on Aug, 31 2009 @ 03:49 PM
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Originally posted by David9176


Mr Frank is aiming to bring forward legislation that would safeguard the Fed's monetary policy independence


Sounds to me like he will definately try to water down this bill. The Fed has had "monetary policy independence" for too long now. Now is the time for accountability.

-E-


[edit on 31-8-2009 by MysterE]



posted on Aug, 31 2009 @ 03:51 PM
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reply to post by jam321
 


Right....it looks like he's trying to overtake the bill to me as well, he was instrumental in giving them more power, and he should have brought this to the floor months ago as it had plenty of co-sponsors to pass immediately.

He's going to try and trash it. I can feel it...and if he doesn't...someone else will.

I don't like Barney Frank and I don't trust him at all...although I was glad when I first heard that he "supported" it a few days ago.

Let's make our bets now.....does he try to water down/ trash the bill and make it pretty much worthless?

I think he's going to try....I hope I'm wrong though.

As you've stated...it doesn't make sense on what he has done with the whole issue.



posted on Aug, 31 2009 @ 03:56 PM
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reply to post by David9176
 


He, himself, will not water down the bill. He will leave that up to his companions.

Just something weird about him supporting this so late in the game.



posted on Aug, 31 2009 @ 04:33 PM
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reply to post by jam321
 




Just something weird about him supporting this so late in the game.


Barney Frank is just trying to save his political career. Attach himself to a popular bill and maybe his constituents will forgive him for being so worthless for so long. Thats all these politicians do, try and get re-elected.

-E-

[edit on 31-8-2009 by MysterE]



posted on Aug, 31 2009 @ 06:14 PM
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I hope this doesn't get watered down. The United States was founded under the idea that no federal government could have too much power, and no federal government could be able to do whatever they want. However, that is exactly what they do now: wield more power than everybody with the ability to do as they please. A bill to check the Fed's powers is what is needed. I want them to be audited. Then Americans can finally see how crooked TPTB are, how they spend tax money in ways that hurt the tax-payers, but help out the elite.

We need more politicians like Ron Paul. He is an example of a real politician, who represents the people of America and their interests, rights, and ideals; as opposed to the politicians who are there merely to benefit themselves with no thoughts or cares about the people who elected them, and who they are supposed to represent. I hope Ron Paul decides to run for President again in 2012.



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