Republican Controlled House Committee Passes Measure to Audit the Fed
If you ever had any reservations about who’s shilling for the Federal Reserve, look no further than today’s vote on increasing oversight into the Federal Reserve, including an audit.
The bill was passed by way of verbal vote and will now be introduced to the House, where it will likely be killed by shills.
Several democrats, including Stephen Lynch from Massachusetts, had voted to audit the Fed back in 2012 and 2014 — but are now against it. Why you ponder? They’ve had a change of heart, especially since the bill has a real chance of passing. They cited an aversion to ‘political interference’ at the Fed.
“We should not in any way hinder their independence,” said Representative Carolyn Maloney, a New York Democrat, echoing the sentiment of Fed policymakers who say they could come under political pressure to avoid making unpopular decisions such as raising interest rates to slow growth and control inflation.
“This bill would open the floodgates to political interference in monetary-policy making,” said Del. Eleanor Holmes Norton, a Democrat from the District of Columbia.
Rep. Carolyn Maloney, a Democrat from New York, said the measure would lead to higher interest rates because it would undermine the market’s confidence in the independence of the central bank.
Republicans said the measure was needed to rein in the Fed.
“It is ironic that the arsonists that caused the financial collapse are now being given credit…for putting out the fire. Almost every macroeconomist concedes in retrospect that [the Fed’s] extended period of easy money led to the financial crisis,” said Rep. Thomas Massie, a Republican from Kentucky.
Did you read what Rep. Maloney actually said? She believes that if we looked into the Fed’s business, they’d punish us with higher interest rates. What are they hiding?