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Saturday, November 7, 2009

The Federal Reserve Loses Attempt For More Power

The Federal Reserve Chairman, Timothy Geithner had proposed a bill giving the Fed unprecedented "blanket" authority.  This authority included an unchecked ability to bail out their brethren banks at will, with no oversight whatsoever.
In the Obama proposal, which was released in the House last week in the form of a draft bill, the Federal Reserve would have the authority to ignore the recommendations by a firm's primary regulator (be it a bank or securities regulator) and simply impose its own standards on the firm. The Fed would also have the power to examine the firm, and force the firm to comply with those standards if necessary.
In essence, if the other regulators didn't play ball the Fed's way, the Fed could shove them aside.

I watched the hearings when Geithner appeared to plead his case and was surprisingly pleased to see the out lash from both Democrats and Republicans.  I must admit they really laid into him and his displeasure was evident in his facial expressions and eye movement.  Almost as if he were saying, "how dare you question me, I am the true power here". 

Well as you will see in the Huffington Post's article, Federal Reserve Loses Expanded Powers Proposed By Obama Administration, Geithner - the omnipotent - did not get his way.
So on Thursday, House Financial Services Committee Chairman Barney Frank (D-Mass.) said he was changing that provision.
"There will not be a Federal Reserve power to overrule other entities," he said.

It seems to be another sign that dissatisfaction with the Fed as a regulator is starting to impact how legislators and policymakers attempt to fix what is largely seen as a broken and fractured regulatory regime.
The Federal Reserve Bank – The Fed – is a dangerous entity.  A private company, owned in secrecy with all the power over our monetary system.  It can increase and decrease inflation at will.  It can create and print money at will.  It can give out billions and trillions of dollars at will.  In reality, by controlling the money they control our country.  “They care not who makes its laws”.

If your eyes are as they say - the window to your sole - you need only look into the eyes of Geithner and his predecessor, Henry Paulson.  

Rep. Ron Paul has been fighting them tooth and nail – like him or not – he has a large following in both Houses of Congress in this fight against The Fed.

I commend the members of the House Services Committee and Barney Frank for once standing up for what is right and for standing up to that Omnipotent power, The Fed.

Read the full article…click here

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