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Lawmakers Move Closer To Curtailing Fed Independence

December 7, 2009 by  

Lawmakers move closer to curtailing Fed independenceThe House Financial Services Committee voted earlier this month to advance a proposal which would remove the ban on congressional audits of Federal Reserve interest rate decisions.

Offered by Representative Ron Paul (R-TX) a vocal advocate of abolishing the Fed, the measure is an amendment to a bill creating a council of regulators to monitor systemic risk, according to Bloomberg.

Specifically it demands that the Fed and its 12 regional banks be audited within a year after enactment of interest rate changes.

"This is the bill that would allow the people to win over the special interests," said Paul, quoted by the news source, but there has been no shortage of criticism, centering on the alleged impact of a loss of independent monetary policy on the dollar.

Among the biggest opponents of the proposed amendment is the current Fed Chairman Ben Bernanke, who wrote in the Sunday Nov. 29 edition of The Washington Post that it was "very much out of step with the global consensus on the appropriate role of central banks," and added that it "would seriously impair the prospects for economic and financial stability in the U.S.."

The Senate Banking Committee began hearings last week on Bernanke’s recent nomination for a second term as Fed chairman.

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  • Idaho

    Lawmakers Move Closer to Curtailing Fed Criminal Activities.
    Trillions of dollars. Never has so much been stolen by so few.
    And still the newspapers coddle these thieves and work to protect their secrets under the guise of “independence”.

  • Darryl Schmitz

    Absolute power (in this case, secrecy is power) corrupts absolutely.

  • http://LibertyAlerts Linda

    I wish that Bob Livingston would interview Peter Joseph who is affiliated with the Zeitgeist Movement. His readers would be interested in the excellent documentaries that anyone can watch for free on the web. ( These are the only solutions that truly make sense in solving so many of the problems we are all facing today.
    Also, regarding a new topic, acid reflux, another natural healing method is to eat soft, non-acidic foods for two days straight. Nothing rough or crunchy, also no alcohol or caffeine. This allows your throat to heal. While doing this, stop all prescription meds. related to acid reflux. When you feel any discomfort, take a teaspoon of honey. This should work immediately. If it doesn’t, try some organic apple cider vinegar (Braggs with “the mother”) diluted in some juice of water. Also helpful, a slice of a red, delicious apple. It will take about several weeks to really heal, but you will heal. My husband was on Nexium ($300 per month) for 5 years. He is completely healed and prescription free.

  • susanburnette

    this should have nothing to do with global censensus this is in American censensus,why not let the American people have a say.We are not a one world government like the president would like.

    • Joe H.

      Give it time with a dem majority and it will be!!!! Then I wonder what denniso will be touting!!!

  • s c

    The Fed was never needed. It is not needed now. We have people with the ability and the experience to do things right – and they don’t work for uncle scam.
    The Fed is not ‘independent.’ The Fed is a slave-owning pimp. The Fed is a private corporation. It is fascism-on-steroids. The way things get done in DC, if we manage to eliminate the Fed, it will be replaced by another master pimp. If you haven’t figured it out yet, both the prez and Congress work for the Fed.
    The Founding Fathers knew why central banks can’t be trusted. As late as Andrew Jackson, central banks were seen as anti-American (except for those who were already corrupted, and were part of the plan to get central banks entrenched in America). Central banks control governments.
    If you want a pimp to run a house of prostitution for higher-level pimps, keep the Fed. If you want control over your wealth (and a government run by the Constitution), scrap
    the Fed. Be very careful when it comes to ‘wishing’ for this or that. The Fed is a first-rate example of what happens when things go terribly WRONG – and elected whores have to choose between masters.

  • http://none John Detwiler

    SC has it right there is no sensable reason to even have a Fed. In fact it is just as it has been suggested a platform for an elete cabel to bleed money that rightfully belongs to the American people to whatever they desire and to earn them unlawfull gains.

    • Joe H.

      If we were still on the gold standard, we wouldn’t be printing money that’s not worth the paper that it’s printed on!!!!

      • s c

        JoeH, this is what central banks do. They water-down and destroy currency. They divert wealth from the people, and hand it over to those who don’t deserve it. They manipulate economies. They corrupt and control politicians. The Fed is the central banking Trojan Horse Andrew Jackson warned us about.
        He, unlike his modern-day ‘peers,’ was a Democrat who recognized crap when he saw it. He wasn’t perfect, but he’s head-and-shoulders above 99% of the politicians (both parties) who have infected Washington for the last 75 years.
        Today’s sorry ‘leaders’ don’t know the difference between apple juice and a horse’s rump (they don’t want to know). Jackson was worth his weight in gold. The pathetic sons-and-daughters of plastic scum who pass for “leaders” today aren’t fit to be mentioned in the same breath as Andrew Jackson. Good luck finding a Democrat today who has 1% of Jackson’s leadership or integrity.

  • Stan B

    Hello s c,
    Well written as usual. You notice how well the nation flourished after Andrew Jackson fought the corrupt banking system….and won! And yes susanburnette, it has nothing at all to do with global consensus, his (Bernanke) verbal diarrhea does not require much translation. Linda, I will look up Peter Joseph with the Zeitgeist Movement.
    Here is a ‘politically incorrect’ view from a disgusted Englishman who is just beginning to enjoy the privilage of being a naturalized US citizen.
    It is URGENT that we audit (and close down) the Fed. The problem with auditing the Fed is, that they (the enemy) have already been alerted and have ample time to ‘fix the books’ and cover up the money trail! Ron Paul realizes this, but understands that the public need time to learn & realize WHY it needs to be abolished. So ‘auditing’ the FED is just the first step while the people are adjusting to the reality of what is really happening to their country.
    We should impeach and remove Obama for multiple violatins of the ‘Constitution” His Totalitarian Regime needs also to be removed and arrested for the same reasons.
    As far as I know, Ron Paul has a clean record and he would be my choice to replace Obama. I hasten to add here that partisan differences are not important, but,getting someone who really cares about the future of our nation IS! While all this is taking place, we will need to be doing all we can to glean out the corruption and greed from government and Wall St. If that is not going to be difficult enough, we now have to come up with “a few good men” and women to do the ‘gleaning’! If we do not remove the cancer, Ron Paul will stand alone. And if this “Inner Circle of Evil” is not stopped, life as we know it in the USA,will cease to exist. We can politely discuss politics and intellectualize ourselves into oblivion, but seriously, we need put our heads together and formulate an effective strategy to combat the muli-headed ‘Hydra”!!! And to Bob Livingston, I have several ‘outside of the box’ suggestions. Let me know if you are interested? I will leave it to your discretion. I would dearly love to be wrong on these issues, but, almost two years of research says otherwise.

    Sincerely, a bloody well disgusted Stan B

    • eyeswideopen

      Stan, I thought well of Ron Paul, until this year when he took 75 million in earmarks. It totally distroyed his mantra of small government. He has joined the ranks of the purchased. Until we have campagin reform, stopping the flow of corporate money to the legislators we will have corruption and votes will be purchased.

      • Meteorlady

        What were the earmarks for and how did he get them? They may have been legitimate and needed items, but you are right – never take the carrot.

  • Stan B

    Apologies for spelling errors in those last comments…passion and focus seem to get in the way of grammer.


  • Meteorlady

    John F Kennedy signed an Executive Order (11110) which stated that the Fed could not longer loan money to the Federal Government. That would have effectively ended the Fed and Kennedy knew it. Five days later Kennedy was dead. Lyndon Johnson did not enforce this EO and let it fall into obscurity. To my knowledge it has never been repealed and if that is true we should DEMAND that it be enforced. We also should demand to know where 2 Trillion, yes Trillion, dollars went that were loaned out and have not bee accounted for. Ron Paul has over 300 signatures on his bill but it still never comes up for vote. What’s up with that?


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