Comments on: Congress Loses Faith in the Federal Reserve—Strips Additional Authority from New Financial Regulation http://www.americanbankingnews.com/2009/09/10/congress-loses-faith-in-federal-reserve%e2%80%94strips-additional-authority-from-new-financial-regulation/ News and Information about Banks, Credit Unions and Financial Institutions Thu, 11 Mar 2010 13:13:47 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: The White Rabbit Reports » Congress Loses Faith in the Federal Reserve—Strips Additional Authority from New Financial Regulation http://www.americanbankingnews.com/2009/09/10/congress-loses-faith-in-federal-reserve%e2%80%94strips-additional-authority-from-new-financial-regulation/comment-page-1/#comment-425 The White Rabbit Reports » Congress Loses Faith in the Federal Reserve—Strips Additional Authority from New Financial Regulation Thu, 10 Sep 2009 15:17:14 +0000 http://www.americanbankingnews.com/?p=665#comment-425 [...] Many Democratic lawmakers oppose giving the Fed responsibility for monitoring systemic risk in the economy as the Obama administration has proposed, favoring instead in vesting that authority to a group of regulators or to other agencies. Read Entire Article [...] [...] Many Democratic lawmakers oppose giving the Fed responsibility for monitoring systemic risk in the economy as the Obama administration has proposed, favoring instead in vesting that authority to a group of regulators or to other agencies. Read Entire Article [...]

]]> By: Charles_Easterly http://www.americanbankingnews.com/2009/09/10/congress-loses-faith-in-federal-reserve%e2%80%94strips-additional-authority-from-new-financial-regulation/comment-page-1/#comment-424 Charles_Easterly Thu, 10 Sep 2009 12:30:44 +0000 http://www.americanbankingnews.com/?p=665#comment-424 Congress is losing faith in the Federal Reserve?<br><br>Is that because Chairman Bernanke and the Federal Reserve failed to pervent mal-investment during the housing bubble, and through their actions (manipulating the money supply, lowering interest rates, et cetera) actually encouraged much of the over-leveraging and mal-investment that led to our financial crisis?<br><br>Is it because the Federal Reserve's solutions to the financial crisis haven't "prevent[ed] 10% unemployment", wide scale economic hardship, or the other events it's employees and proponents have said that they would? <br><br>Is it due in any part to the Chairman being unable or unwilling to explain where trillions of United States' taxpayers' dollars are being redirected by his central bank?<br><a href="http://www.youtube.com/watch?v=n0NYBTkE1yQ" rel="nofollow">http://www.youtube.com/watch?v=n0NYBTkE1yQ</a><br><br>Does the Congress want to audit the Federal Reserve because it has the sense that the central bank's Inspector General isn't up to the task or is simply unwilling to apply real scrutiny?<br><a href="http://www.youtube.com/watch?v=cJqM2tFOxLQ" rel="nofollow">http://www.youtube.com/watch?v=cJqM2tFOxLQ</a><br><br><br>If you are one of the growing number of citizens who have lost faith in the Federal Reserve and at minimum want to have a serious audit of it performed, you may find your Representative by using the following link in order to write or call upon him or her to support the Federal Reserve Transparency Act of 2009 (HR 1207): <br><a href="http://www.house.gov" rel="nofollow">www.house.gov</a><br><br>You may find your Senators and call upon them to support the Senate's version (S 604) by using this link:<br><a href="http://www.senate.gov/" rel="nofollow">http://www.senate.gov/</a><br><br><br>Best regards,<br><br>Charles Congress is losing faith in the Federal Reserve?

Is that because Chairman Bernanke and the Federal Reserve failed to pervent mal-investment during the housing bubble, and through their actions (manipulating the money supply, lowering interest rates, et cetera) actually encouraged much of the over-leveraging and mal-investment that led to our financial crisis?

Is it because the Federal Reserve's solutions to the financial crisis haven't “prevent[ed] 10% unemployment”, wide scale economic hardship, or the other events it's employees and proponents have said that they would?

Is it due in any part to the Chairman being unable or unwilling to explain where trillions of United States' taxpayers' dollars are being redirected by his central bank?
http://www.youtube.com/watch?v=n0NYBTkE1yQ

Does the Congress want to audit the Federal Reserve because it has the sense that the central bank's Inspector General isn't up to the task or is simply unwilling to apply real scrutiny?
http://www.youtube.com/watch?v=cJqM2tFOxLQ

If you are one of the growing number of citizens who have lost faith in the Federal Reserve and at minimum want to have a serious audit of it performed, you may find your Representative by using the following link in order to write or call upon him or her to support the Federal Reserve Transparency Act of 2009 (HR 1207):
http://www.house.gov

You may find your Senators and call upon them to support the Senate's version (S 604) by using this link:
http://www.senate.gov/

Best regards,

Charles

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