“Bernanke warns congress to butt out of interest-rate policy discussions . . .”

[eyer]

is the headline up on the Drudge Report following the speech today by the Federal Reserve’s chairman at Indiana. It sounds to us like the chairman is warning Congress against passing Congressman Ron Paul’s audit-the-Fed legislation and Congressman Kevin Brady’s Sound Dollar Act, both of which would open up Fed policies to inspection. The chairman’s speech marks another step in the Fed and the Congress moving into what might be called open, if polite, confrontation.

It’s an important story. The fear the Fed chairman is trying to instill is that by conducting an audit of the Fed that includes its interest rate policy discussions, the Congress would open the Fed up to political interference. It strikes us as an illogical reach. The Fed, after all, is running one of the most radical interest rate programs in the history of the central bank. It’s been many an election since we’ve seen the Fed so close to the center of the presidential campaign.

Indeed, the Republican nominee is running on, among other things, a promise to replace the Fed chairman — and also to establish a gold commission to take a more fundamental look at monetary policy. The chairman himself has entered the fray, declaring at George Washington University that he is against advancing to a gold standard. He has also broken with tradition and started holding regular press conferences to get his own voice into the fray. Now he has the brass to suggest that the Congress butt out?

Our own view is that everyone — the Congress, the Federal Reserve, and the American people — would be better served were this issue opened up on every front. This is a moment for our leadership to acknowledge, nay, to declare that the topic of monetary reform needs to be put on the table and debated.

- full piece here:

Bernanke Warns His Creator

http://www.nysun.com/editorials/bernanke-warns-his-creator/88010/

END
THE
FED​

Can I get an AMEN!?

 

[koalabear]

Why do you hate small private businesses!

 

[kbate]

*crickets*

 

[4est_4est_Gump]

Sebelius is out breaking campaign law too...



No one cares.

 

[unregistered]

 

[JohnnySavage]

Just so you know, the original act requires an annual audit by the GAO, but it has never been conducted.

Link?


To help, because I'm a helper...

The Federal Reserve was established in 1913. The GAO was established in 1921.

I would imagine that even a dullard like you can see the problem with the quoted post.

 

[Busybody]

too...



No one cares.

laws are for little people