Excerpt: "The Fed creates trillions of dollars out of nothing and gives it to banks. Congress is in the dark. The Fed sets the stage for the subprime meltdown. Congress is in the dark. The Fed takes a dive on LIBOR. Congress is in the dark. The Fed doesn't tell regulators what is going on. Congress is in the dark."
Congressman Dennis Kucinich. (photo: Kucinich.gov)
Congress in the Dark, Fed Must Be Accountable
26 July 12
ongressman Dennis Kucinich (D-OH) today rallied support for H.R. 459, Federal Reserve Transparency Act of 2012 on the House Floor. Today marks a historic milestone after years of bipartisan efforts by Congressman Kucinich and Rep. Ron Paul (R-TX) to secure a thorough investigation of the Federal Reserve. The House is expected to vote on H.R. 459 later today.
The text of Congressman Kucinich’s remarks follow.
On a day Congress will decide whether to audit the Fed, the Washington Post reports that the New York Fed “did not communicate in key meetings with top regulators that British bank Barclays had admitted to Fed staffers that it was rigging LIBOR,” the index which sets interest rates world wide.
The Fed wants to be spared a full audit. They want monetary deliberations private. They then use that privacy shield to keep irregularities from regulators and from congressional view, exposing investors and consumers to massive losses.
Of course the Fed wants to continue a system where there is no transparency, no accountability where they can cover up manipulations of markets and interest rates. But should we endorse this system? When things fall apart, who do the banks come to clean up the mess? Congress!
The Fed creates trillions of dollars out of nothing and gives it to banks. Congress is in the dark. The Fed sets the stage for the subprime meltdown. Congress is in the dark. The Fed takes a dive on LIBOR. Congress is in the dark. The Fed doesn’t tell regulators what is going on. Congress is in the dark.
It is time for us to bring the Fed into the sunshine of accountability. Vote for the Audit.
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According to Reuters, this bill is "expected to die in the Democrat-contro lled Senate."
Call your Senators and tell them they'd better damn well vote for it – and not to water it down again.
Our political system is SUPPOSED to allow for all parties to be represented but thanks to corporate money, K Street and the Right-wing, we are just about a one party system like China and Russia.
Congratulations America on being so gullible.
You can garner national attention and you KNOW what needs revealing...
Thank you also for your full hearted bravery Sir!
We the People pay for our government, it belongs to us. Just because a pack of arrogant criminals are demanding squatters' rights doesn't mean we are obliged to keep them on. Let's fire their fannies and send them packing! Besides, we need to make room for Elizabeth Warren and to get back Dennis Kucinich and Alan Grayson, who truly represent us.
Heh-heh; good one!
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