Wednesday, June 03, 2009

Pro-Fed Shelby Neuters Ron Paul's Audit the Fed Bill

Pro-Fed Conservative Neuters Ron Paul's Audit the Fed Bill;

Pro-Fed Sen. Richard Shelby (R-AL), carrying water for the central bank, dilutes the Senate version of Ron Paul's Audit the Fed bill. We find out about it because of handwritten notes on a senate website. (Thanks to John Parks)

Handwritten Notes Show Fed Oversight Bill Neutered On Senate Floor; The Huffington Post

Legislation to give Congress greater oversight of the Federal Reserve was severely watered down on the Senate floor Wednesday in private negotiations between two powerful Republican senators.

Thanks to an overlooked document posted on the website of Sen. Charles Grassley of Iowa, the top ranking Republican on the Finance Committee, voters can virtually watch the water being dumped into the brew that Grassley had hoped to force the Fed to drink. (See the document at the bottom of this story.)

On page five of Grassley's amendment, he intends to give the Comptroller General of the Government Accountability Office power to audit "any action taken by the Board under...the third undesignated paragraph of section 13 of the Federal Reserve Act" -- which would be almost everything that it has done on an emergency basis to address the financial crisis, encompassing its massive expansion of opaque buying and lending.

Handwritten into the margins, however, is the amendment that watered it down: "with respect to a single and specific partnership or corporation." With that qualification, the Senate severely limited the scope of the oversight.

On the Senate floor, Grassley named the top Republican on the banking committee, Richard Shelby of Alabama, as the man pouring the water.

Read the rest here.

Comment: This is not a right verse left issue, this is cardiac failure issue, and if we all don't act death is inevitable.

"The bold effort the present bank had made to control the government... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it."
Andrew Jackson

No comments: