Posted on 09/25/2009 10:45:34 AM PDT by Palin Republic
House lawmakers want to pry open the books of the famously secretive Federal Reserve with legislation that would subject the central bank to a sweeping congressional audit.
The effort is overwhelmingly bipartisan. Hardline conservatives and liberal Democrats have banded together in their criticism of the Fed as a major power broker in the financial system that doesn't answer to Congress.
Friday's debate comes as lawmakers consider a proposal by President Barack Obama that would give the Fed new powers to prevent another economic crisis.
"Nobody in my district thinks that the Fed has done such a wonderful job of running the economy that we should continue to cloak them with secrecy for the purpose of protecting them from second-guessing criticism," said Rep. Brad Sherman, a California Democrat.
The Fed is pushing back, warning that its ability to stabilize prices and monitor interest rates would be compromised if it knew politicians were looking over its shoulder.
The House proposal would "cause the markets and the to public to lose confidence in the independence and the judgments of the Federal Reserve," Scott Alvarez, the board's top lawyer, told the House Financial Services Committee in testimony.
The legislation is championed by Rep. Ron Paul, a Texas Republican whose extreme libertarian bent usually doesn't generate consensus in Congress. But as of Friday, Paul's legislation had attracted 295 co-sponsors with a range of political philosophies, including Hawaii liberal Rep. Neil Abercrombie and Rep. Jeb Hensarling, an outspoken conservative from Texas.
(Excerpt) Read more at google.com ...
AuditTheFed.com has all the details.
ping
Dont hold your breath, they will probably hire the “tax experts” from ACORN to do it!
Political theater, folks. Nothing more.
Do we really want this?
I mean, come on... our economy is already teetering.
It’s Jackson vs. Biddle once again!
With bi-partisan support, this is probably by design.
Investigate Dodd and Frank first
The House proposal would “cause the markets and the to public to lose confidence in the independence and the judgments of the Federal Reserve,” Scott Alvarez, the board’s top lawyer, told the House Financial Services Committee in testimony.
We don’t have confidence, anyway; now move over PENCIL PUSHER!
Ping
Contact your Senator and encourage them to support S.604: the Federal Reserve Sunshine Act of 2009.
AuditTheFed.com has all the details.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And pray
Dear Heavenly Father,
We come before You asking that You stop these people whose intend is on harming our country. They have already taken You out of the schools and allowed evil to come in. They think You don’t see, as they kill innocent babies. They call evil good and good evil. They acquit the guilty and condemn the innocent. They demand that we approve of their gay lifestyles and are forcing our children to be taught that its normal in some schools. They have put us into so much debt, that it will take Your mercy to keep us from financial ruin. They steal from the taxpayer and give it to evil organizations. The thing they want the most is power and control over us. They act as if they are kings and queens and not civil servants. They are taking away our freedoms and trashing our constitution.
They have no fear of You, and we know that the beginning of wisdom is fear of the Lord. Please, open the eyes of every American to see that this is not a political game anymore, but rather it’s a life changer. Give people the wisdom and understanding to see they will regret the changes obama is trying to make. Please, let those who have been silent speak out and stand up.
Father, I also ask that if obama and/or anyone is doing something illegal, immoral or doing something that will harm this nation, let him/they be impeached. Give us concrete evidence that cannot be disputed.
Be with Your children during this difficult time. I pray that all people begin to call out to you, asking that obama and the liberals be stopped.
In Your Sons Name I pray.
Amen.
Wait until the threats start....
An audit will not cause impact on the economy. It will reveal however, some practices perhaps less than savory.
And the big fish may get caught. That means Goldman Sachs.
Federal Reserve is rotten to the core. They are so corrupt, no way are they going to open up their books.
For the first time ever, I feel confident in a sweeping incumbant-removal this coming election.
Want to see the definition of un-frigging- believable? Bernanke and a half trillion dollars:
http://www.youtube.com/watch?v=n0NYBTkE1yQ
parsy, who curled up in a fetal position when he first saw this
Grayson is a national treasure. Here the latest from this morning:
Alan Grayson HR1207 hearing “Has the Federal Reserve Ever Tried to Manipulate the Stock Market “
http://www.youtube.com/watch?v=v1h2c3Hkf7o
“For the first time ever, I feel confident in a sweeping incumbant-removal this coming election.”
I pray that you’re right. But the Real Terror, is What will we get in the Current Crop’s stead, as Both party machines scrounge up their Howdy Doodies to Maintain, or even Worsen, the Status Quo?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.