"Audit Ben Bernanke And The Fed?"

Consensus is building in the Senate for legislation that would significantly weaken the Federal Reserve by stripping its power to oversee banks and hand that job to a single federal bank regulator.

The proposal by Senate Banking Committee Chairman Christopher Dodd to merge federal prudential oversight into a single regulator differs from a plan by President Barack Obama. But it's gaining traction among Dodd's colleagues who think the Fed didn't do enough to prevent the current market crisis.

"If you look at the record here of the failure of the regulatory bodies, all roads seem to lead to the Federal Reserve," said Sen. Richard Shelby of Alabama, the top Republican on the banking panel.

Since its creation almost a century ago, the Fed has grown into a major power broker and guardian of the financial system. It plays various roles on the government's behalf in protecting the economy, including the supervision of banks to ensure the "safety and soundness" of the financial system and enforcement of rules to protect consumers.

But the Fed's primary mission is considered its role as the nation's central bank.

As part of a sweeping reform effort in response to last year's financial crisis, Obama has proposed empowering the Fed further by tasking it with deciding whether a financial institution has grown so big and over-leveraged that its failure could bring down the entire economy.

However, Obama would strip the Fed of its role in protecting consumers and create a separate government agency to enforce new rules on such products as credit cards and mortgages.

The House Financial Services Committee this week will hold a hearing on legislation by Rep. Ron Paul, R-Texas, that would subject the Fed to increased audits by congressional watchdogs. (Read Full Article)

Excerpt from "Secrets of the Federal Reserve - the London Connection" by Eustace Mullins

"...In my lectures throughout this nation, and in my appearances on many radio and television programs, I have sounded the toxin that the Federal Reserve System is not Federal; it has no reserves; and it is not a system at all, but rather, a criminal syndicate. From November, 1910, when the conspirators met on Jekyll Island, Georgia, to the present time, the machinations of the Federal Reserve bankers have been shrouded in secrecy. Today, that secrecy has cost the American people a three trillion dollar debt, with annual interest payments to these bankers amounting to some three hundred billion dollars per year, sums which stagger the imagination, and which in themselves are ultimately unpayable. Officials of the Federal Reserve System routinely issue remonstrances to the public, much as the Hindu fakir pipes an insistent tune to the dazed cobra which sways its head before him, not to resolve the situation, but to prevent it from striking him. Such was the soothing letter written by Donald J. Winn, Assistant to the Board of Governors in response to an inquiry by a Congressman, the Honorable Norman D. Shumway, on March 10, 1983. Mr. Winn states that "The Federal Reserve System was established by an act of Congress in 1913 and is not a ‘private corporation’." On the next page, Mr. Winn continues, "The stock of the Federal Reserve Banks is held entirely by commercial banks that are members of the Federal Reserve System." He offers no explanation as to why the government has never owned a single share of stock in any Federal Reserve Bank, or why the Federal Reserve System is not a "private corporation" when all of its stock is owned by "private corporations". (Read Full Article)

Audit the Fed Update

    Despite what economic textbooks say, the US Federal Reserve Banks are a private banking cartel that have control of federal tax funds, US monetary policies, buying and selling US treasury bonds (while keeping the interest), all in total secrecy, outside the oversight of Congress and the American people. Thanks to the long time efforts of Congressman Dr. Ron Paul, there is now legislation to audit and hopefully strip the Fed of it's power over the American economy, if not to outright abolish this unconstitutional banking cartel. (The Constitution gives Congress the control of monetary policies, not some central bank or banking system)

    Banks love spending and debt and any thing that causes major spending and debt, such as wars, recessions and inflation. Banks especially love Big Governments with plenty of personal and corporate welfare. As I and many other Americans see it, it is time to take back America from the control of this banking cartel run by Ben Bernanke, Timothy Geithner, the US Federal Reserve Banks and the central banks of foreign countries, something that would come out with an audit of the Fed. Audit Ben Bernanke and the Fed? Hell yeah!

tags: the fed  ben bernanke  ron paul  politics  business  takebackamerica  

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