Sunday, August 30, 2009

Introducing... the Audit the Fed juggernaut!

With a hat tip to another CT blogger it's being reported that House Financial Services Committee Chairman Barney Frank is now supporting an audit of the Federal Reserve Cartel:

Rep. Frank eyes Fed audit, emergency lending curbs

WASHINGTON (Reuters) - by Tim Ahmann - 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."

At a recent town hall meeting, Frank said the House would pass a bill to use an audit to crack open the central bank's books more widely...

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.

Ron Paul is on the verge of a amazing accomplishment. "Cracking open the books" of America's Central Planners Central Bankers would be an accomplishment of gargantuan proportions.

Here's Barney in his own words:

Tim White


Anonymous said...

This bill will die in the Senate. This is Barney just trying to get cover after some grosteque town halls in MA

tim white said...

My understanding is that Barney is actually favorable to the idea... so much so that he introduced legislation a long time ago that had some similar goals. The problem for him now is that he's in "the leadership." So he must now take marching orders from Pelosi & Rahm. And yes, I wouldn't be surprised to see it die in the Senate... Chris Dodd certainly opposes any sort of real transparency at the Fed. But I think Barney's instincts on this are probably good. From the perspective of passing Congressional legislation, the real problem is Dodd... probably because of his campaign donors.

Anonymous said...

"some grosteque town halls in MA"

Opponents of health care reform have sent their storm troopers to disrupt any attempt to explain the health care reform. They keep shouting, screaming and bringing up the same ridiculous attacks against healthcare reform, over and over and over, and they just don't listen when anyone tries to answer their question or their attack. These people are the storm troopers of the far right and others that represent the health insurers.

Hurray for Barney Frank when he said that aguing with that woman was like aguing with a table.

Why should anyone trust a for profit business more than their own government. Why does anyone want the insurance companies deciding what's covered and what is not and dropping you when you get sick?

What they don't want you to know is that it is the current healthcare system is best for profiting the healthcare insurance companies,their stockholders, and management.

We need representatives that care about people instead of someone's profits.

Anonymous said...

You go 2:37, you tell em.

You tell em where all the money is going to come from. You tell em how the government is so better at running things than the private sector. How there is no corruption in the government or the programs they run. You tell em how socialism rocks; well until you run out of other people's money.

Anonymous said...

Franks is a Flop