No Compromise On HR1207! Call Barney Frank Now!
Tell Barney Frank you heard his latest Town Hall video and you are not interested in some watered down version of Ron Paul’s HR1207 legislation. Mention that you want HR1207 passed as is, stand-alone. DC Phone: 202-225-5931 DC Fax: 202-225-0182
WASHINGTON (Reuters) – Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve’s emergency lending powers and subject the central bank to a “complete audit.”
At a recent town hall meeting, Frank said the House would pass a bill to use an audit to crack open the central bank’s books more widely, but in a way that will not encroach on the central bank’s monetary policy independence.
In addition, he said the House would move to rein in the authority that allows the Fed to lend to a wide range of non-bank firms in “unusual and exigent circumstances.”
A bill sponsored by Texas Republican Rep. Ron Paul that would allow the Government Accountability Office, a federal watchdog agency, to audit Fed interest-rate decisions has won the co-sponsorship of more than half of the House.
Fed Chairman Ben Bernanke has warned that the bill would compromise the U.S. central bank’s policy-making independence and could undermine financial markets and the economy.
Frank said he has been working with Paul on compromise language. “He agrees that we don’t want to have the audit appear as if it is influencing monetary policy because that would be inflationary,” Frank told constituents. A video of his remarks was posted on the popular video file-sharing website YouTube.
Steven Adamske, a spokesman for Frank, told Reuters compromise language had not yet been written. He provided no further details. A spokesman for Paul could not be reached.
The opinions expressed in this post are those of the individual author, our author or the author of any piece that may be quoted or even both, and may or may not represent those of 'Let's Change America'.
