Barney Frank expects no changes to Fed bill; Opposes Ron Paul's Bill

[bobbyw24]

Frank expects no changes to Fed bill
By Silla Brush - 12/02/09 08:24 PM ET

Rep. Barney Frank (D-Mass.) on Wednesday indicated he doesn’t expect changes on the House floor to a measure that would increase scrutiny of the Federal Reserve.

Frank, the chairman of the Financial Services Committee, opposes the measure sponsored by Rep. Ron Paul (R-Texas), but told reporters that he does not see language being changed on the House floor.


“Absent some change in the way the public is reacting, I don’t see any changes,” Frank said.

Paul’s bill, co-sponsored by Rep. Alan Grayson (D-Fla.), would add new audits of the Federal Reserve, which has come under increased criticism and scrutiny from lawmakers since the financial crisis.

It is one of the most closely watched measures included in wide-ranging legislation aimed at beefing up regulation across the financial industry that the House is set to consider next week.

Paul has been a fervent critic of the Federal Reserve for decades, but his effort to increase audits of the Fed gained more than 300 co-sponsors in the House this year as public opinion soured on government bailouts for financial firms.

Fed Chairman Ben Bernanke wrote an op-ed in The Washington Post last weekend in part to criticize the Paul amendment. The issue will likely come up on Thursday when Bernanke heads to the Senate Banking Committee for a confirmation hearing for a second term as Fed chairman.

http://thehill.com/homenews/house/70339-frank-expects-no-changes-to-fed-audit-measure

[newbitech]

sounds like its going to get through the house. Wonder how the companion senate bill is looking. I think we need the bernake fillibuster to hold out long enough for the house to pass the audit-fed bill. That will give some traction and draw the attention of the public.

then the senators need to feel the wrath. this little run up in gold is already paying dividends. something big is coming, I'm telling you I feel it.

[purplechoe]

http://www3.pictures.zimbio.com/gi/Obama+Discusses+Regulatory+Reform+White+House+PeGl sBeOmdil.jpg

http://newsroom-magazine.com/IS/Washington/Barney%20Frank-Christopher%20Dodd.jpg

http://3.bp.blogspot.com/_WAi2txkagVM/SRzQbTJ7_LI/AAAAAAAAD_A/JpMWBcPRdlw/s1600/barney_frank_nancy_pelosi_harry_reid.jpg

http://graphics8.nytimes.com/images/2008/07/11/business/fannie650.jpg

[bobbyw24]

The legislation also contains a controversial amendment that grants the investigative arm of Congress the authority to audit the Fed “to provide greater transparency to Fed facilities and actions.” It is unclear whether the Fed’s vital monetary policy decisions will be included in the audits. The amendment was championed by Rep. Ron Paul, R-Texas, noted for his years-long support of abolishing the Fed.

It would mark the first such audits of the independent institution since its creation in 1913.

The Fed, the nation’s primary banking regulatory agency, has been a favorite target of legislators critical of its handling of the financial crisis, and subsequent bailout programs. The Senate is considering a financial oversight bill of its own that goes even further in stripping the Fed of it’s traditional regulatory authority.

http://ecreditdaily.com/2009/12/reshaping-the-fed-historic-role-clouded-by-systematic-risk-bill-article390/

[RM918]

The legislation also contains a controversial amendment that grants the investigative arm of Congress the authority to audit the Fed “to provide greater transparency to Fed facilities and actions.” It is unclear whether the Fed’s vital monetary policy decisions will be included in the audits. The amendment was championed by Rep. Ron Paul, R-Texas, noted for his years-long support of abolishing the Fed.

It would mark the first such audits of the independent institution since its creation in 1913.

The Fed, the nation’s primary banking regulatory agency, has been a favorite target of legislators critical of its handling of the financial crisis, and subsequent bailout programs. The Senate is considering a financial oversight bill of its own that goes even further in stripping the Fed of it’s traditional regulatory authority.

http://ecreditdaily.com/2009/12/reshaping-the-fed-historic-role-clouded-by-systematic-risk-bill-article390/

Unclear? Isn't that the whole point?

[bobbyw24]

Unclear? Isn't that the whole point?

Apparently

[catdd]

I'd just like to know what kind of morons vote for people like Frank and Pelosi to begin with. It's just too hard to imagine,
I don't anyone that would vote for him.