Bernanke Wants the Federal Reserve to Hold Oversight Powers Over Banking Industry

Bernanke in Congress

Image by TalkMediaNews via Flickr

Dy’er Sez: Ok, folks, Ben Bernanke has finally done it; it being that he has just admitted to a private industry power grab over Congress (and the entire federal government, for that matter)or that he has let on that he is out of his frikken mind.

 The Federal Reserve is not, I repeat, NOT part of the government. It is a private bank who had wrested control (through manipulation of a corrupt Congress) of the country’s money 80 or so years ago. The Fed is NOT a government entity; it is a private business, so it is not answerable to We The People. It has kept itself from the oversight of Congress over the years, and is trying to (again, through the manipulation of a corrupt Congress) to keep from being audited by the Congress on behalf of the We the People.  And now, after the economic crisis (the new Great Depression, if you will) that was caused by the big banks and the Fed, Bernanke wants Congressional-like oversight powers over all financial institutions. I…I..I don’t even know what to say; I’m flabbergasted by the audacity, the sheer hubris, of this sub-man and the people he answers to.

 And the fact that the Obama administration is actually backing this plan show that the bankers control over the executive branch goes all the way to the top.  Those of you with “D” for your party affiliation on your voter registration card, let me ask you: is THIS what you voted for? Is this what you were promised?

 Un-flippin-belevable!

Story from the AP:

Bernanke says Fed can take on supercop role
By JEANNINE AVERSA, AP Economics Writer
 
  WASHINGTON – Federal Reserve Chairman Ben Bernanke ran into skepticism Tuesday from lawmakers wary of expanding the Fed’s duties to police big financial companies. They argued that the Fed failed to spot problems that led to the financial crisis in the first place.

“The Fed has made some big mistakes,” said Rep. Spencer Bachus, R-Ala., ranking member of the House Financial Services Committee.

An Obama administration proposal to make the Fed the supercop of globally interconnected financial companies would be “just inviting a false sense of security that inevitably will be shattered at the expense of the taxpayer,” Bachus warned.

Bernanke countered that the administration’s proposal would be a “modest reorientation” of the Fed’s powers, not a great expansion of them.

The Fed boss sought to assure investors and Congress that the central bank will be able to reel in its extraordinary economic stimulus and prevent a flare up of inflation once a recovery is firmly rooted. Still, any such steps will be far off in the future. The central bank’s focus remains “fostering economic recovery,” he said.

Bernanke also worked to beat back an administration proposal to create a new consumer protection regulator for financial services and strip some of those duties from the central bank. The House panel delayed a committee vote on that legislation until September.

Consumer groups and lawmakers have blamed the Fed for failing to crack down early on dubious mortgages practices that fed the housing boom and figured into its collapse. Later this week, the Fed will issue a proposal to boost disclosures on mortgages and home equity lines of credit. It also will include new rules governing the compensation of mortgage originators.

Bernanke also argued against congressional proposals to let the Government Accountability Office, Congress’ investigative arm, audit the central bank. He feared that audits that delve into the Fed’s interest-rate decisions could compromise its independence in setting interest-rate policies.

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