Ron Paul Wants a Spot on Federal Reserve Board of Governors

[jct74]

Ron Paul Wants a Spot on Federal Reserve Board of Governors

By Solange Reyner
18 Dec 2016

Ron Paul's group, "Campaign for Liberty," is trying to get him a spot on the U.S. Federal Reserve's Board of Governors, a senior politics editor with the Huffington Post reports.

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Paul, a former GOP member of Congress from Texas, earlier this week criticized the Federal Reserve, saying it was manipulating the economy.

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The Board of Governors oversees the work of the Federal Reserve Banks and plays a major role in crafting U.S. monetary policy. There are seven members, all appointed by the president of the United States.

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read more:
http://www.newsmax.com/Politics/ron-paul-federal-reserve-board-of-governors-campaign-for-liberty/2016/12/18/id/764560/

[afwjam]

That will be the day.

[ARealConservative]

right. and he will get selected to serve on the draft board too!

[jllundqu]

Ron Paul wouldn't piss on the board of governors of the Federal Reserve (TM) if they were on fire much less take a job there...

[dannno]

Ron Paul wouldn't piss on the board of governors of the Federal Reserve (TM) if they were on fire much less take a job there...

Would we not be better off with Ron Paul working there? Do you think we would be better off with bankster cronies working there instead?

[jllundqu]

Would we not be better off with Ron Paul working there? Do you think we would be better off with bankster cronies working there instead?

lol.... funny... as if you think this might actually happen. I'll play along.

Yes Ron Paul on the Fed BOG would be funny and may shed some light on things...

[LibertyEagle]

If Ron wants it, he should contact Trump.

[LibertyEagle]

Ron Paul wouldn't piss on the board of governors of the Federal Reserve (TM) if they were on fire much less take a job there...

If it is true that the C4L is pushing it, you can be sure that Ron knows about it.

[Zippyjuan]

There are currently two vacancies but gridlock in Washington has kept them from being filled. http://www.economist.com/news/business-and-finance/21697594-two-empty-board-seats-are-addling-americas-central-bank-how-vacancies-are-changing


There are two vacancies on the Fed’s seven-member board of governors, all of whom are members of the FOMC. Indeed, the Fed has not had its full complement of governors since 2013; there has been at least one vacancy for 85% of the past decade.

The culprit is political gridlock. The president nominates the governors, but they cannot take office until confirmed by the Senate—a duty it often shirks. In 2011 one of Barack Obama’s nominees withdrew his candidacy after a 14-month wait. Richard Shelby, a Republican from Alabama and the chairman of the Senate banking committee, is currently blocking hearings on two more Fed nominees.

Trump would have to nominate him and the Senate would have to approve it.


The vacancies weaken the Fed. For one thing, they force the remaining governors to spread themselves more thinly: one of them chairs four committees while serving on a fifth. As Willem Buiter of Citigroup notes, “An incomplete deck of cards means the shop is likely not to be managed properly.”

As the vacancies multiply, they also risk bogging the Fed down in arcane administrative procedures. American law states that when a quorum of members of a public body such as the Fed meets, there should be advance public notice and elaborate record-keeping. Should the board dwindle further, to four members, three would constitute a quorum. That, in turn, would mean that three Fed governors could not chat in the corridor, much less attend the same internal committee meeting, without a great palaver.

There are also implications for monetary policy. The FOMC comprises the seven governors and presidents of five of the Fed’s 12 regional branches. The governors are typically more dovish than the presidents, perhaps because politicians, who tend to like low rates, appoint the governors whereas financial firms, which tend to prefer higher ones, have a big say in the appointment of the presidents. The governors should have the upper hand, but vacancies have muddied that calculus—just as the Fed embarks on its first tightening cycle in a decade.

Senate procedure: https://ballotpedia.org/Appointment_confirmation_process


Senate hearings

The nomination must be on the Executive Calendar for more than one day before it can make it to the Senate floor for consideration.[1] Unanimous consent of the time and date for debate must be agreed upon by all senators.[4] If even one senator does not agree, a hold is placed on the nomination.[4] Once the nomination is considered by the Senate, unlimited debate is allowed until two-thirds of the Senate vote to invoke cloture, closing debate.[1] Following a vote of cloture, the Senate conducts a simple majority vote on whether to confirm, reject or take no action on the nomination.[1] If a nomination is left pending at the end of a Congress, it must be sent back to the president who can then re-submit the nomination to the new Congress.[1] The same procedure holds true with any nominee not considered before the Senate enters a recess of more than 30 days, unless there is unanimous consent to bypass the procedure.

[Mitt Romneys sideburns]

True story. I went to the Houston sub-branch of the Dallas branch of the federal reserve on a college field trip back in like 2010. The guy giving us the tour told us that Ron Paul is automatically red flagged whenever his name comes up on guest lists for conferences or anything. They get an extra security guard to follow him around in case he "causes a scene." As if Ron Paul might suddenly jump on a table and yell out, "I am the champion of the constitution! This organization is an illegal sham!"

[Jan2017]

lol.... funny... as if you think this might actually happen. I'll play along.

That will be the day.

Tax the Fed . . . less than 3/4 a point and US Treasury is solvent

[jmdrake]

True story. I went to the Houston sub-branch of the Dallas branch of the federal reserve on a college field trip back in like 2010. The guy giving us the tour told us that Ron Paul is automatically red flagged whenever his name comes up on guest lists for conferences or anything. They get an extra security guard to follow him around in case he "causes a scene." As if Ron Paul might suddenly jump on a table and yell out, "I am the champion of the constitution! This organization is an illegal sham!"

You cannot give Reputation to the same post twice

If the OP story is legit then Ron Paul and the C4L are trolling the Fed.

[jmdrake]

There are currently two vacancies but gridlock in Washington has kept them from being filled. http://www.economist.com/news/business-and-finance/21697594-two-empty-board-seats-are-addling-americas-central-bank-how-vacancies-are-changing



Trump would have to nominate him and the Senate would have to approve it.



Senate procedure: https://ballotpedia.org/Appointment_confirmation_process
Hmmmm....so if the senate keeps not nominating someone....could that end the fed? I wonder how many are required for a quorum?