Federal Reserve Policy Audit Legislation "Gutted"

[Kevin_Kennedy]

Of course you are. You believe in the delusion that this legislation somehow gave Congress authority over what the Federal Reserve does.

If Congress is privy to every detail of the process, they'll be able to apply so much pressure they're effectively in control of it.

I agree. If you think the Fed is bad now, wait until the likes of Nancy Pelosi start setting interest rates.

Except Nancy Pelosi wouldn't have any authority under this bill to be setting interest rates.

 

[Polk]

Of course you are. You believe in the delusion that this legislation somehow gave Congress authority over what the Federal Reserve does.

If Congress is privy to every detail of the process, they'll be able to apply so much pressure they're effectively in control of it.

I agree. If you think the Fed is bad now, wait until the likes of Nancy Pelosi start setting interest rates.

Independent central banks are the worst thing ever... except all the alternatives.

 

[Toro]

If Congress is privy to every detail of the process, they'll be able to apply so much pressure they're effectively in control of it.

I agree. If you think the Fed is bad now, wait until the likes of Nancy Pelosi start setting interest rates.

Except Nancy Pelosi wouldn't have any authority under this bill to be setting interest rates.

I thought the bill would give the Congress the right to audit all decisions by the Fed.

 

[Kevin_Kennedy]

I agree. If you think the Fed is bad now, wait until the likes of Nancy Pelosi start setting interest rates.

Except Nancy Pelosi wouldn't have any authority under this bill to be setting interest rates.

I thought the bill would give the Congress the right to audit all decisions by the Fed.

Yes, but auditing gives no control over what they do.

 

[Toro]

Except Nancy Pelosi wouldn't have any authority under this bill to be setting interest rates.

I thought the bill would give the Congress the right to audit all decisions by the Fed.

Yes, but auditing gives no control over what they do.

It puts the decisions of the FOMC into the political arena.

And for that reason, and that reason alone, the bill should be gutted.

 

[Mike Mitrosky]

Also, very happy to see this piece of shit gutted.

Yeah it would be wrong for the federal reserve to have to answer to congress eh?

What a horrible idea to keep them honest. haha

 

[Kevin_Kennedy]

I thought the bill would give the Congress the right to audit all decisions by the Fed.

Yes, but auditing gives no control over what they do.

It puts the decisions of the FOMC into the political arena.

And for that reason, and that reason alone, the bill should be gutted.

It's already political.

 

[Toro]

It's already political.

Nowhere near as political as it would be with House members second-guessing the Fed's decisions.

 

[Polk]

I thought the bill would give the Congress the right to audit all decisions by the Fed.

Yes, but auditing gives no control over what they do.

It puts the decisions of the FOMC into the political arena.

And for that reason, and that reason alone, the bill should be gutted.

They don't really think the process through, do they?

 

[Kevin_Kennedy]

It's already political.

Nowhere near as political as it would be with House members second-guessing the Fed's decisions.

It wouldn't matter if the Congress second guesses the Fed. All they can do is audit what the Fed is doing. They can't stop them from doing anything and they can't force them to do anything. If people knowing what the Fed is doing would stop the Fed from doing something then I would suggest that we don't really want the Fed doing that in the first place.