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."
I will bet my entire net worth that the Fed will not get audited in any meaningful way. If it doesn't happen, I double all my money, if it does happen, it won't matter my money will be revealed to be worthless.
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.
Oh wait, I love that last qualifier there. Gotta love politicians. Frank is no doubt in the pockets of the banks. This bill will not have any meaningful effect and will not be a true "audit." Hopefully RP sees through the misdirection when the final bill full of hot air is hammered out.
0 comments:
Post a Comment