Bill to hold hearings on the FED
 

I just heard the Ron Pahl has authored a Bill to hold hearings into the operation of the FED. The FED currently operates completely outside of any accountability--the largest and most secretive quasi government agency to do so.
The bill has 40 some co sponsors. None from my state of maryland.

What do you think, should we have hearings to hold the FED accountable?

Absolutely. In fact they are long overdue. Ron Paul (who would've made an excellent president) has been asking for this for years.

Hey great idea, who is going to be in charge of this oversight? Barney Frank?


I'm serious these questions have to be asked before anything stupid is done most congressman think inflation is another term for arousal.

Well Marty, guess we'll mark you down as - In Favor Of:D

Please do.

First subject the 'fed' to oversight, quite mild oversight really, then throw the overseeing bums out when they re-tank the economy.

We'll get this right by Jove if it takes us a thousand years.

Or the egg-headed nitwit with the moustache. he loves doing oversight. Funny he's been so quiet lately.

OK, question who in congress has the credentials to oversee the Fed? How can a person oversee something that they know nothing about. Would a body from the private sector reside over the Fed? Bush asked for oversight on Fannie and Freddie but Mr. Frank said everything was fine, Mr. Frank was the oversight.

Who would we hire to oversee Mr. Frank?

Somebody who could get behind him.

He never struck me as a being on top of things kind of guy.

Almost went without saying, didn't it?

What expertise do they have on anything other than getting elected, and spending other people's money?
What experience does President have in running major automobile companies?

Like a stick in the mud.

None.

What's to prevent a well credentialed person from wreaking the currency?

"The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government."



"Constitutionality

Critics, including U.S. Congressman Ron Paul[17], allege that according to the U.S. Constitution, Article I, Section 8, that only the U.S. Congress has the ability

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures; [18]

and thus Federal Reserve banknotes are not legal tender, as they were not issued by Congress and the Federal Reserve does not have the authority to print or create money [19].

However, others contend that, since Congress passed the Federal Reserve Act, the Federal Reserve is constitutional as it was created by Congress and Congress retains oversight over the Federal Reserve [20]. However, critics[who?] point out that Congress still has no direct authority over Federal Reserve policy, and that Congress rarely uses its oversight authority."
http://en.wikipedia.org/wiki/Federal_Reserve_Note