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View Full Version : NYT: Ron Paul’s Revenge: HR 1207




bobbyw24
11-20-2009, 09:19 AM
Ron Paul’s Revenge: The House Financial Services Committee on Thursday passed a measure that would allow Congress to audit even some of the most basic decisions made by the Federal Reserve. As The Times’s Edmund Andrews reports, “if the measure becomes law, it would expose the Federal Reserve to far more political pressure than it has faced for decades. Fed officials have adamantly opposed the measure, saying it would undermine the central bank’s political independence and gravely threaten its credibility as a bulwark against inflation.”

The amendment, tacked on to legislation that would overhaul financial regulation, was offered by Representative Ron Paul, the libertarian Republican and 2008 presidential candidate who has gone so far as to propose abolishing the Fed.

The Washington Post, meanwhile, takes a wider look at Congress’ dissatisfaction over the state of the economy, which was on full display on Thursday.

While the House Financial Services Committee approved Mr. Paul’s amendment, the Congressional Black Caucus — “exasperated by the administration’s handling of the economy,” according to The Post — blocked a final vote on the overhaul itself. Elsewhere on Capitol Hill, Republicans rebuked Treasury Secretary Timothy Geithner at a hearing of the Joint Economic Committee, with one lawmaker calling on Mr. Geithner to resign.

http://tinyurl.com/yz9shw3

specsaregood
11-20-2009, 09:42 AM
Ron Paul’s Revenge: The House Financial Services Committee on Thursday passed a measure that would allow Congress to audit even some of the most basic decisions made by the Federal Reserve. As The Times’s Edmund Andrews reports, “if the measure becomes law, it would expose the Federal Reserve to far more political pressure than it has faced for decades. Fed officials have adamantly opposed the measure, saying it would undermine the central bank’s political independence and gravely threaten its credibility as a bulwark against inflation.”

The amendment, tacked on to legislation that would overhaul financial regulation, was offered by Representative Ron Paul, the libertarian Republican and 2008 presidential candidate who has gone so far as to propose abolishing the Fed.

The Washington Post, meanwhile, takes a wider look at Congress’ dissatisfaction over the state of the economy, which was on full display on Thursday.

While the House Financial Services Committee approved Mr. Paul’s amendment, the Congressional Black Caucus — “exasperated by the administration’s handling of the economy,” according to The Post — blocked a final vote on the overhaul itself. Elsewhere on Capitol Hill, Republicans rebuked Treasury Secretary Timothy Geithner at a hearing of the Joint Economic Committee, with one lawmaker calling on Mr. Geithner to resign.

http://tinyurl.com/yz9shw3

So basically RP's amendment is a poison pill on the overall "financial reform" legislation. They want that legislation but they don't want RP's amendment. The question is will RP's amendment stop the overal legislation from passing? No doubt the final vote was stopped because they needed to get word from their masters on how to proceed now that the poison pill is attached....

paulitics
11-20-2009, 09:48 AM
So basically RP's amendment is a poison pill on the overall "financial reform" legislation. They want that legislation but they don't want RP's amendment. The question is will RP's amendment stop the overal legislation from passing? No doubt the final vote was stopped because they needed to get word from their masters on how to proceed now that the poison pill is attached....

exactly