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| fruitella... |
 Posted: Sat Oct 31, 2009 5:47 pm |
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Guest
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get back to work you slaves.
banks that control the federal reserve need to separate your earnings
from you.
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Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says
By Bob Ivry
Oct. 30 (Bloomberg) -- Representative Ron Paul, the Texas Republican
who has called for an end to the Federal Reserve, said legislation he
introduced to audit monetary policy has been “gutted” while moving
toward a possible vote in the Democratic-controlled House.
The bill, with 308 co-sponsors, has been stripped of provisions that
would remove Fed exemptions from audits of transactions with foreign
central banks, monetary policy deliberations, transactions made under
the direction of the Federal Open Market Committee and communications
between the Board, the reserve banks and staff, Paul said today.
“There’s nothing left, it’s been gutted,” he said in a telephone
interview. “This is not a partisan issue. People all over the country
want to know what the Fed is up to, and this legislation was supposed
to help them do that.”
The Fed, led by Chairman Ben S. Bernanke, has come under greater
congressional scrutiny while attempting to end the financial crisis by
bailing out financial firms and more than doubling its balance sheet
to $2.16 trillion in the past year. The central bank is also buying
$1.25 trillion of securities tied to home loans.
Paul, a member of the House Financial Services Committee, said Mel
Watt, a Democrat from North Carolina, has eliminated “just about
everything” while preparing the legislation for formal consideration.
Watt is chairman of the panel’s domestic monetary policy and
technology subcommittee.
Keith Kelly, a spokesman for Watt, declined to comment and said Watt
wasn’t immediately available for an interview. Watt’s district
includes Charlotte, headquarters of Bank of America Corp., the biggest
U.S. lender.
Original Language
Paul said he intends to introduce an amendment to the bill when it
comes to the House floor for a vote restoring the legislation’s
original language.
Representative Barney Frank, a Democrat from Massachusetts and
chairman of the committee, said in interview that he intends to ensure
legislation would provide a time lag between FOMC actions and the
reporting of them.
Such a provision would “lessen the market impact,” he said on Oct. 20.
“The importance is to see that there are no abuses and to judge what
they did.”
The legislation will probably be included in a broader Democratic
package of financial-regulation changes in the House, Frank said.
To contact the reporter on this story: Bob Ivry in Washington at
bivry at (no spam) bloomberg.net.
http://www.bloomberg.com/apps/news?pid=20601103&sid=atc2o1ijLRno |
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