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Lawmakers would curb Federal Reserve's power, not expand it
Lawmakers would curb Federal Reserve's power, not expand it
Fed chief Ben Bernanke, appearing on Capitol Hill on Thursday, faced skeptics as he backed the Obama administration plan for an oversight panel that would enhance the central bank's authority.
By Jim Puzzanghera for the LA Times
October 2, 2009
Reporting from Washington - The Federal Reserve has dramatically expanded its role in the economy over the last 18 months, and the Obama administration has proposed enhancing that authority as part of an overhaul of financial regulations.
But many members of Congress -- Democrats and Republicans -- are seeking to curtail the central bank's authority instead of expand it.
Worried about the increased power of the complex and mysterious Fed, and upset it did not do more to prevent the deep recession, Capitol Hill has focused its anger over the financial crisis and its aftermath on the central bank. The Fed finds itself at the center of a collision of traditional political concerns -- conservatives' fears of heavy-handed government intervention in free markets, and liberals' complaints of regulators who favor corporate executives over average Americans...cont'd @ The LA Times
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HR 1207 Hearing On C-Span
House Financial Services Cmte. Hearing on Regulatory Overhaul
Friday, September 25, 2009
Rep. Barney Frank (D-MA) chaired a hearing on legislation that would require the Government Accountability Office to audit the Federal Reserve. Scott Alvarez, General Counsel to the Board of Governors of the Federal Reserve and Thomas Woods of the Ludwig von Mises Institute testified before the committee.
Washington, DC : 3 hr. 1 min.
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