0 votes

₪ Fed Nixes Treasury Snooping

Everybody wants in on the act. It's the job of congress, but Geithner/Obama tried to weasel in. The executive branch has no authority over the Fed, so the Fed can stone-wall, but this could make it a little embarrassing for Mr. O to veto HR1207/SR604. But then again, he does not embarrass easily.

By Craig Torres and Robert Schmidt

Sept. 21 (Bloomberg) -- The Federal Reserve Board has rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central bank’s structure and governance, three people familiar with the matter said.

The Obama administration proposed on June 17 a financial- regulatory overhaul including a “comprehensive review” of the Fed’s “ability to accomplish its existing and proposed functions” and the role of its regional banks. The Fed was to lead the study and enlist the Treasury and “a wide range of external experts.”

Some top central bank officials, after agreeing to the review, saw a potential threat to Fed independence after the Treasury released the proposal, two of the people said. The Obama plan said the Treasury would consider recommendations from the review and “propose any changes to the Fed’s governance and structure.”

“It is not obvious at all why that is a Treasury responsibility or even appropriate why the Treasury would undertake that kind of study,” said Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. in Vineland, New Jersey, and a former Atlanta Fed research director. “The Fed was created by Congress and it is not part of the executive branch.”

Article continues ...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.


for others...

O.P.O.G.G. - Fighting the attempted devolution of the rEVOLution
Ron Paul 2012...and beyond

This is all a sham

They are simply laying the groundwork for the global banking structure. Barnanke and Geitner will announce that they have a joint resolution that is agreed to that a neutral 3rd party, the IMF will be the regulatory body for the Fed. We just need congress to agree. This will effectively put the power over the entire US Financial system and publicly traded companies under the Communist run IMF.

The Plan: Fed to have unlimited power over US corporations and monetary policy. IMF to have unlimited power over Fed. The IMF to create new global currncy.

Obama to propose strict new regulation of financial industry
President Obama is expected to unveil a plan that would give the government new powers to seize key companies whose failure jeopardizes the financial system.
The plan would give the government new powers to seize key companies whose failure jeopardizes the financial system, as well as creation of a watchdog agency to look out for consumers' interests.

A Bigger, Bolder Role Is Imagined For the IMF - washingtonpost.com

IMF may need to ‘print money’ as crisis spreads

Obama names IMF official to U.S. Treasury post

Head of IMF - Dominique Strauss-Kahn .
He was born on 25 April 1949 to a Jewish family from mixed Askhenazi and Sephardi origins, in the wealthy Paris suburb of Neuilly-sur-Seine and is a French economist, lawyer, and politician, member of the Socialist Party (PS). Strauss-Kahn was first an activist member of the Union des Etudiants Communistes (... Read MoreUEC, Union of Communist Students) [1], before joining in the 1970s the Centre d'études, de recherches et d'éducation socialiste (Center on Socialist Education Studies and Research, CERES) led by Jean-Pierre Chevènement, future presidential candidate for the 2002 election [1]. There, he befriended the future French prime minister Lionel Jospin (PS). After the election of President François Mitterrand (PS) in 1981, he decided to stay out of government. He got involved in the Socialist Party (PS), at the time led by Lionel Jospin and founded Socialisme et judaïsme ("Socialism and Judaism"). http://en.wikipedia.org/wiki/Dominique_Strauss-Kahn

It does seem a little fishy.

It does seem a little fishy. When something like this leaks, it's because someone wanted it leaked. Who? And why?

This much is for sure. Obama and Geithner have no authority to go poking around in the Fed. The Congress created it, and the Congress better damned well see that it is properly audited - and NOT by Obama and Geithner.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

Using my self-bump

Using my self-bump

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln