Saturday, October 24, 2009

Merkley's attempt to sabotage Ron Paul

I was wondering how the powers that be would attempt to derail Ron Paul's HR1207 bill to audit the Fed. Ron Paul's bill has 303 cosponsors in the House and 30 in the Senate as of October 21st. So how do you buck that sentiment and still look like you support transparency? Well it appears that one way is you get a couple of shills to offer up a HR21207 Lite bill that looks good on the surface but takes the teeth out of Ron Paul's bill. They found help in none other than our very own freshman Senator Jeff Merkley and Republican Bob Corker. Their bill known as the Federal Reserve Government Accountability Act.

According to Judge Andrew Napolitano the bill waters down Rep. Paul original intentions. It omits important areas of the Feds behavior, and actually whites out proper names of banks and other individuals. That information would be made available one year after each program is no longer used.
This watered down bill is an attempt to have an audit "without inappropriately compromising the independence of the Fed or politicizing its role in crafting monetary policy". Am I wrong, isn't Congress supposed to set monetary policy?

Under pressure from congress to disclose where the TARP money went the Fed said that they are "giving serious consideration" to releasing the names of firms that receive loans from the central bank. How generous of them!

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