Audit the Fed? NO- Empower The Fed

Posted on May 3, 2010. Filed under: General Info | Tags: , |

 

Remember the push for Audit the Fed and how we got the number of sponsors needed to proceed. That seems like a distant memory now, as Dodd’s reform bill will actually exponentially empower the Fed.

 

From Campaign For Liberty today:

Despite all the limited government rhetoric you’re hearing from the Republican Party these days, it appears that Senate Republican leaders, including Richard Shelby, are more than ready and willing to work with Chris Dodd to empower the Fed, add more layers of federal bureaucracy to our economy, and set the stage for future crises.

According to Talking Points Memo, Shelby has stated, “We’re very close to a deal and there will be a substantial number of Republicans that go along with it.”

The White House is doing everything it can in the media to cram yet another powergrab down the American people’s throats. A vote could come at any time, so it’s crucial that liberty activists make their voices heard immediately.
Chris Dodd’s legislation, which should be called the “Fed Empowerment Act,” ignores the true cause of the recent financial downturn: interference in our economy and manipulation of our currency by Congress, the Treasury, and the Federal Reserve.

For all the talk of “change” in D.C., our elected officials are following the same tired old script: if the federal government created the problem, the only solution must be to give it even more power.

Now Senate leaders want to create a new Consumer Financial Protection Bureau, which will be housed in and funded by the Fed.

And the Dodd bill would create a “Financial Stability Oversight Council” that would have the ability to require nonbank financial companies to be under the Federal Reserve’s supervision based not on their current status, but on what effect they may potentially have on the economy!

Who knows how many businesses will soon be targeted and broken up, under the guise of “reform,” solely for standing up to the federal government.

Recently, Washington Examiner journalist Tim Carney has done some terrific work exposing the corporatism behind the White House’s rhetoric.

To see how Obama’s “reform” plan will actually benefit the big banks and Wall Street firms, especially Goldman Sachs, at the expense of smaller companies and the rest of us, read:

Timothy P. Carney: Goldman rallies for Obama in Wall Street ‘reform’

By: Timothy P. Carney
Examiner Columnist
April 16, 2010

 
http://www.washingtonexaminer.com/opinion/columns/Goldman-rallies-for-Obama-in-Wall-Street-_reform_-90957879.html
 
 
Also on the subject, I found the following:
 
(901 page exhibits from) Hearing On

W ALL STREET AND THE FINANCIAL CRISIS:

THE ROLE OF INVESTMENT BANKS

April 27, 2010

http://hsgac.senate.gov/public/_files/Financial_Crisis/042710Exhibits.pdf
 

Fabulous Fab is more frightening than you think

By Lucy Kellaway  FT.com (UK)

Published: May 3 2010 03:00 | Last updated: May 3 2010 03:00

 
 
 
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