 | Taxpayer Alert: Barney Frank (D-Mass.) wants to Overhaul the Federal ReserveScotty Starnes | September 13, 2011 at 1:56 PM | Tags: Barney Frank, The Federal Reserve | Categories: Political Issues | URL: http://wp.me/pvnFC-5PK |
Barney Frank (D-Mass.) has cost the taxpayer trillions of dollars with his ignorance on Freddie Mac and Fannie Mae and his 'financial reform' bill that ended free checking and gave us debit card fees. This is the same guy who declared Freddie and Fannie safe while having a sexual relationship with a Fannie executive.
Barney should be kept far away from anything involving housing and banking regulations.
The Hill reports:
Rep. Barney Frank (D-Mass.) is looking to overhaul the policymaking arm of the Federal Reserve, as he argues the current structure places a "significant constraint on national economic policymaking."
Translation: The Federal Reserve isn't printing money fast enough to cover Obama and the Democrats spending.
Specifically, the ranking member of the House Financial Services Committee is setting his sights on the five seats on the Federal Open Market Committee (FOMC) occupied by regional presidents of Federal Reserve Banks.
Frank argued in a lengthy statement Monday that since the regional presidents are the only ones who are not required to be nominated by the president and confirmed by the Senate, it allows for a "self-perpetuating group of private citizens" to place a significant thumb on the scale of monetary policy.
Translation: Barney wants politicians, who got us into this financial crisis, to have more control over the economy.
These members are "skewing policy" at the Fed so that it is more interested in fighting potential inflation than in pursuing the second of its two mandates, maximizing employment, according to Frank.
When has the The Federal Reserve ever been responsible for employment? Looks like Barney wants another scapegoat for Obama's dismal economic record and high unemployment.
And as the Fed grapples with taking more unconventional steps to boost the economy, those unconfirmed votes, coupled with Senate Republican opposition to some of the president's FOMC nominees, are handcuffing those efforts, Frank said.
The Fed has monetized debt to cover Obama's ass. If not for this quantitative easing (QE1 & QE2), the economy would be worse. Fed Chair Ben Bernanke testified before Congress and promised he would not monetize the debt. Where are the perjury charges?
Frank said he is working on legislation that would remove their votes at the Fed. He would replace the regional presidents with an FOMC that consists entirely of members picked by the president and confirmed by the Senate.
Imagine if Obama had his radicals running the Fed. The dollar would be worthless due to all the money being printed to cover Obama's spending spree. $4 trillion plus in under two-and-a-half years is the current debt added by Team Obama and the Democrats.
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