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<http://scottystarnes.wordpress.com/author/scottystarnes/> Taxpayer
Alert: Barney Frank (D-Mass.) wants to Overhaul the Federal
Reserve<http://scottystarnes.wordpress.com/2011/09/13/taxpayer-alert-barney-frank-d-mass-wants-to-overhaul-the-federal-reserve/>
*Scotty Starnes
<http://scottystarnes.wordpress.com/author/scottystarnes/>*| September
13, 2011 at 1:56 PM | Tags: Barney
Frank <http://scottystarnes.wordpress.com/?tag=barney-frank>, The Federal
Reserve <http://scottystarnes.wordpress.com/?tag=the-federal-reserve> |
Categories: Political Issues
<http://scottystarnes.wordpress.com/?cat=35145>| 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<http://thehill.com/blogs/on-the-money/banking-financial-institutions/180951-frank-looks-to-overhaul-the-federal-reserve>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<http://www.federalreserve.gov/pubs/frseries/frseri.htm>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.
Continue
reading>>><http://thehill.com/blogs/on-the-money/banking-financial-institutions/180951-frank-looks-to-overhaul-the-federal-reserve>
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