This page has been archived and commenting is disabled.
House Passes Fed Transparency Bill; Obama Will Veto
Moments ago, the in a 241-185 vote, the House passed passed H.R. 3189, aka Fed Oversight Reform and Modernization Act. The bill would make changes to how the Fed conducts monetary policy and regulatory activities and would direct the Fed to take a rules-based approach to interest rate decisions; require audits of more Fed functions such as monetary policy; and place restrictions on its emergency lending powers. In other words, everything that the banks that are direct and indirect stakeholders in the Fed would fight to the death to prevent.
The new House speaker promptly applauded the passage. From Paul Ryan:
Today, the House passed H.R. 3189, the Fed Oversight Reform and Modernization Act. The bill would require the Federal Reserve to explain publicly its monetary policy, specifically how it sets interests rates and the country’s money supply. In response, House Speaker Paul Ryan (R-WI) issued the following statement:
"If the Federal Reserve explained to the public how it made its decisions, the American people would have greater confidence in them. Families could better plan for the future, invest their money wisely, and create opportunity for all of us. I thank Chairman Hensarling and the Financial Services Committee for offering this commonsense legislation."
The victory, however, was very hollow: the White House has repeatedly said Obama’s advisers would recommend veto of H.R. 3189, "which seeks to make changes to Fed operations, including how the independent agency conducts monetary policy and regulatory activities."
The Fed is independent? Interesting: read the following excerpt from the left-leaning NYT and decide just how independent the Fed is:
... in 1965, President Lyndon B. Johnson, who wanted cheap credit to finance the Vietnam War and his Great Society, summoned Fed chairman William McChesney Martin to his Texas ranch. There, after asking other officials to leave the room, Johnson reportedly shoved Martin against the wall as he demanding that the Fed once again hold down interest rates. Martin caved, the Fed printed money, and inflation kept climbing until the early 1980s.
And then this, from Lady Bird Johnson, spoken to William McChesney Martin, on his arrival at the LBJ ranch": "I hope you have examined your conscience and you’re convinced you’re on the right track."
And that is just how "independent" the Fed has always been.
But back to the White House which knows that with Congress a joke since the crisis, its only branch of government is the money printer in the Marriner Eccles building: "Subjecting Fed’s “exercise of monetary policy authority to audits based on political whims of members of the Congress, of either party, threatens one of the central pillars of the nation’s financial system and economy,” White House budget office says in statement.
Which brings us to a tangent: every time a standing Fed chairman (or woman) is criticized before Congress their traditional response is that it is Congress that gave the emergency powers it now has to bail out anyone and everyone. Especially Fed member banks.
So what happens when Congress tries to change the law? Well... this:
Now think about this: A private bank cartel CREATED by Congress doesn't want Congress to authorize the GAO to audit them.
— Rudolf E. Havenstein (@RudyHavenstein) November 19, 2015
- 328 reads
- Printer-friendly version
- Send to friend
- advertisements -


Cocksucking motherfucker
The Fed needs to look on the bright side. Lots of data to be gathered from a bubble that was never popped. Lots of data on the implosion of an empire.
When they pack up and high tail their asses out of here I would avoid China. Don’t think the Chicoms will be to please to see the Zionist money counterfeiters anytime soon. Maybe Africa. They could practice affirmative action over there.
Anyone got a link to see what congressman voted what way? Basically I want to see who is misguided or worse bought and paid for.
They're all bought and paid for. ANyone voting for knows it won't get passed Obama.
Someone bought and paid for would be a 'slave'. Can't refer to a black man as a slave now....
Why are his "advisers" making choices for him?
When you take away the printer of the politicians, they realize that they'll need to govern the country in a responsible way.
In America's case that pretty hard because the country is run by idiots. The Clinton clan, the Bush clan, the Obama donkey.... and whoever follows won't be better as they're the reflection of the population.
Bringing the light of day to the Fed will mean the collapse of the system. I'm good with that but most people are not.
http://thomas.loc.gov/home/rollcallvotes.html
Here you go. The vote went down almost exclusively on party lines. With the (R)s voting for transparency and the (D)s, the party of the President running on a platform of "the most transparency administration everm" voting against transparency.
The NYT has a cleaned up table which makes it easier to see which Dems have balls and which Republicans don't.
http://politics.nytimes.com/congress/votes/114/house/1/641
So 4 of the 5 R's were from Joo York.
This is my shocked face.
Froze25,
https://www.govtrack.us/congress/votes/114-2015/h641
...here ya go: https://www.govtrack.us/congress/votes/114-2015/h641
The government is grandstanding so that when the economy crumbles they can say, "Well we tried for transparecy".
Obama knows he can't allow it or the Fed will murder him.
Dog and Pony show. Same as ever.
"the creature from jekyll island must be allowed to steal silently by printing." joos
Fox and henhouse
We are past reform. Let the system fail so we can rebuild.
Think before typing Fester........With your scenario noone gets out alive!
no one is paying off $19+ TRILLION! it will fail.
100% of the supply of money IS debt. There is not, nor will there ever be any intent to "pay it off." Understand, the foundational condition for our monetary system is expansion of the money supply via increase in the levels of debt at the macro level. Saying "it will fail" because there's so much debt is like saying the ocean will fail because there's so much water. There MUST be debt, and it MUST increase. This is why "deflation" strikes fear in the heart of the financial system, why deflation is enemy number one the world over.
You are spot on with the assertion that in this debt based monetary system, the supply must ever increase. But you fail to understand that while ever increasing debt is not the problem, servicing that debt is... ergo, the fail part.
Debt service is a problem. Unless you have a printing press. Then it is not.
You think that fact is going to change keeping this system in place?
On a long enough timeline....
Don't be such a chicken, the fireworks will be glorious;)
You must like the sound of your own voice.
And what are the chances of working within the system? Absolutely none - so what is your alternative to fail and rebuild. (Note: instead of 'fail and rebuild' I would add 'fail, hang all those motherfuckers and then rebuild'.
Barry Soetoro: The Fed's house nigga / shoeshine boy.
Prepper numbers are exploding as the power of the state grows. Maybe it's time for an alternative option: www.fontebispo.com could be your “get out of jail free” card. In some countries you have a police force and a national guard – the national guard is very patriotic.
Spam...
Double cocksucking motherfucker!
Even Reggie Love isn't as far up Obama's ass as the banksters.
Audit the bitch. They need it.
Parents are not subject to audit by their children.
Independent of us, not the mega-banks, which likely hold plenty of blackmail on Obutthead......
Why should the central bank that issues fiat currency whose value is based on the future taxes paid by the public or simply on the fact that the public uses it (network effect) be independent of 'the people's government'?
The very idea of central bank independence is completely flawed from the outset. Elected governments would make a total hash of monetary policy too, but it couldn't be worse or less fraudulent than the current situation, and at least voters would theoretically have a say.
What a joke our world is.
The wonderful part is where we gave them the exclusive right to create money where, when, and however they see fit. Now, with zero real oversight or accountability we are bending over and begging for it......
'We' did not do that.
watch the phony paper Gold and Silver prices...
should be amusing.....
http://www.livecharts.co.uk/MarketCharts/silver.php
http://www.livecharts.co.uk/MarketCharts/gold.php
Obama is bought and sold by the tribe.
He has many pics of him wearing a yalmakle. Hes in the tribe. Tales of my mother....
RIPS
Pure theater by all involved. The only people represented in this republic are the 1%, and anybody who believes anything different is fucking stupid.
I guess I must be stupid.
I don't think 1% have all the representation.
I think the decimal point in that figure is two places too far to the right.
You are probably correct on the decimal point...
http://www2.ucsc.edu/whorulesamerica/power/wealth.html
You are correct sir. Our only "hope" is that such "let the majority eat cake" monetary experiments have been done before so we all know what the outcome will be in advance...
Timing is another thing altogether. Personally, I am still amazed that the U.S.S.A. has not experienced a military coup, considering all the retired "professionals" in that particular line of work...
It's not like the VA has been bending over backwards to make their lives any easier...
No need for conscription either, with so many willing sheep...
Surely there is one brave Senator with the guts to stand up and filibuster this horrible attempt to provide a little transparency to Fed policies. /sarc Why bother in the first place? It's not as if we don't already know the Fed doesn't give a rat's ass about regular people. They help the people they work for, and that's all there is to it.
Just like Obama does...
This is powerful, progress even if symbolic was made today.
the fed exists to make sure jamie and lloyd get their bonus and that the billionaires only ever get richer while everyone else only ever gets poorer.
Doesn't it have to pass the Senate first. Why yes, yes it does.
watch, even republican senators will vote it down cause they know where wealth and power are derived, congress critters are a bit slow
"Damn it feels good to be a GANSTA!"
I don't think the bill would have passed if the house thought he wouldn't veto.
owebomba is a banker whore bitch but don't kid yourself, the fed has enemies in the usa gubbermint. some of them are eyeing the interest on the debt and saying to themselves if there were no fed they wouldn't have to pay interest and then they could spend it on other things.
The House is off-Broadway theater where the aspiring actors hone their skills before going for the bigtime in the Senate, where they'll try to convince their previously cultivated dupes (little guys/suckers/voters/fans) that "it was complicated" as they promptly betray their fictitious platforms. Of course, if they didn't, then the rich would just restack the House against them in a favorable way. And, in the end, POTUS with vetoes are a pretty simple game, if the plot jumps the shark.
Oh, the drama!
When I buy a can of beans at the store, I believe it really does contain beans. I still check after opening to be sure they are beans. I pay a lot of taxes for the privelege of being ruled by a central bank but I'm not allowed to know if it really is full of beans. Lets open this can.
if obama vetoes this bill then congress should pass an amendment to the constitution limiting the powers of the president
They don't have to, they just need to pass it with a veto-proof majority. Enough votes overrides the president's need to sign.
I would fuckin' love to see that happen, too. I can't imagine what kind of things would be going down behind the scenes if they started getting close to that number of votes, though I'm pretty sure quite a few congressmen would be looking at losing the next election due to lack of funds.
I'm pretty sure quite a few congressmen would quickly develope a serious new respect for the hardware section of HomeDepot.
nailguns, aisle 11
if obama vetoes this bill then congress should pass an amendment to the constitution limiting the powers of the president
This is just comical, the one body authorized explicitly in the constitution to manage money transfers that power via legislation 100 years ago, then passes legislation tweaking things a little so they have more transparency and is warned that will get veto'd by the executive branch?
Daesh would magically be able to hose down congress with 7.62x39 if this happened, but it would be positively delicious if congress decided we needed to print US notes again to compete with the Federal Reserve ones. I wouldn't be surprised if the bankers are ballsy enough now to reject them.
at the same time this hit, paul ryan was giving a press conference where he is introducing a "syrian refugee bill" in which they will DEMAND that obama lay-out a strategy for defeating ISIS. its like the republicans grew a fucking brain in the past week; id love to see obama veto a bill that demands he explain a strategy for defeating ISIS and then have to explain why he veto'd it. fucking lol.
Lol @ ''independent agency.'
This law should be justication of the storming of the FED and burning it down...
Yes youll know its actually serious when the next FOMC mtg is greeted by 50 US Marshals. Since thats just a pipe dream its likely more smoke and mirrors.
Everything is Rigged .. anybody who thinks that anything will truly change in this regard has SAND in their head
Same re "the left-leaning NYT"
The Tylers have more than a bit of old sand in their heads-- and mired in conservative-disinfo speak here.
The so-called "left-leaning" Times is a whore hearted supporter of the Fed-gov enabled bankster oligarchy, also endorsed by the venal careerist leadership of both Dem and Rep parties.
Whats the over/under on how many debate questions get asked about candidates position on HR 3189?
This will do nothing but accelerate the corruption of the metrics production process.
The PROBLEM is that the central bank's (and government's) incentives are irreconcilable with those of the general populace.
Obama will veto - a little late, Goldman Sucks beat him to it.
May God judge Washington DC.
Obirdbrain to veto? Proves my point. To have any criminal act, you first must have progressives.
Grimaldus
If a veto happens, the 'ayes" and 'nays' on the question of override will provide interesting election debate fodder.
Will the parties scramble to call each other supporters of bankers over The People?
Or will they scramble to call each other wild-eyed anti capitalist radicals?
Whatever they say, of one thing you can be absolutely certain:
IT WILL BE A LIE.
the war on the middle class and poor by the elite wall st rich bankers and Dems all vote NO?? what were they thinking..you know they are for the ave citizen and powerless..I am confused???
override it and get it done.
Congress fears the fed more than their voters... Never gonna happen... Never bite the hand that feeds you...
Independent, my bumm.
The Fed is authorized by Congress, and commanded by the Imperial Presidency. Like so many other powers given up to the executive.
Where did this separation of powers magical belief come from?
Montesquieu
http://oll.libertyfund.org/titles/837
The war on FED has started!!! Sadly Mericans will lose... now terrorist attacks will plunge the nation into darkness.
Zios are planning EMP's
How dare Mericans think they are free and demon cratic
The rabbit hole stops at obozo.... foiled once again....
Obango is a banker stooge. Everyone who is paying attention already knows this. As if Obango knows whats best for the country regarding keeping a watchful eye over his puppet masters' thievery. Obango does what his thieving puppet masters tell him to do. In this case the puppet masters have told Obango to pull out his veto pen and make sure the thief books remain closed.
What does that tell you about our president? Who's he in league with? It's responsible to audit those bubble blowing, counterfeiting, market imploding jackass organization.
So this is like going to the 30 yr old living in mommy's basement... "That's it, no more hookers and blow, things are gonna get a little more real aorund here". I'm sure they won't fuss..
President Tuvok not into the whole Fed Regulation thing? Most illogical,Captain!
Either way, JPM and Goldman don;t give three feathered fucks what Congress does. They are in debt to THEIR banks, so the gang of 525 can piss up a rope.
Banks will never ever relinquish control until it's Free Nail Gun Friday at Home Depot.
Sadly the FED will not be attacked by ISIS as ISIS works for the FED
Obama's still alive!?!?! Wow.
Read Vince Flynn's "Term Limits"... an idea whose time has come.
Heaven forbid that the biggest contra-Constitutional (quasi-)government entity -- the Fed -- would have ANY accountability whatsoever!
While the Fed claims that it needs to have it's "independence", what these criminals are really saying is that they want to be free from accountability! They don't want to be held accountable for their bubble-blowing and economic calamities that lead to millions of lost jobs and foreclosures! They don't want to be held accountable for their flawed economic ideologies and their hubris that brings what Bernanke referred to as "unprecedented measures" (read that as "untested theories") to pass, with all of society as their unwilling test guinea pigs!
Modern central bankers are the reason why the Founding Fathers considered their currency counterfeiting to be a capital crime. It's time we returned to that way of thinking!
Auditing the Fed is antisemetic.
Whores auditing their pimps. Really?
As if a junkie would turn in his only dealer.
Imagine for one second what the government would be without fiat magic holding it up. It would be like 27 T $ smaller and not a drop of gravy to be found.
Dont piss on my leg and call it rian.
Barter.
Maybe some if the whores are getting disgusted with themselves and want to clean up their act and become marriagable. Just hoping ....
Kudos to Ryan for getting this through - it's one of the key 'issues' that separates the two parties and invites the question of all candidates "would you sign it". Given the popularity of the Fed, it will take strong ideology to vote no. I can see Hillary on the 'protect the Fed' side, but that will hurt her if we dip further into recession.
Of course, Until he shows me otherwise, I expect Ryan to gut it if it comes up for a vote in 2017 with a Republucan in the White House!
If Obama vetoes its proof that this fuck is bought and paid for and impeachment charges are long overdue.
It's too late to veto, they already ordered the 'Fuck You!' tee shirts.
So what, let him keep vetoing everything. Pass it again and let him veto it again. It'll keep him busy and he'll be gone soon.
The victory, however, was very hollow: the White House has repeatedly said Obama’s advisers would recommend veto of H.R. 3189, "which seeks to make changes to Fed operations, including how the independent agency conducts monetary policy and regulatory activities."
this is by far the most disturbing news I've read in several days.
nail, meet coffin.
Yellen, Capable of pulling a Cunning Stunt
or, of being a Stunning ....?
So, the Fed and its puppet administration refuse a 'rules-based' criteria for setting interest rates. If ever there were a smoking gun admission that 'Economics' is not science - this is it. Nothing more than an evil cabal run by bitches, witches and sons-of-bitches.
Hilarious sarcasm by Ryan: if the American People knew what was going on at the fed, they'd "have more confidence in them" LOL The one gaping, glaring omission in the article and discussions is, THE FED CHARGES INTEREST TO THE GOVERNMENT. Congress takes back it's power to control the currency, POOF! No more interest to pay on our own money. The government cannot charge itself interest.