I was convinced that Congressman Watt’s amendment to HR 1207 would be enacted as it gutted the bill of any real reform and kept the Fed’s actions hidden from the light of day. Of course, Watt, who represents a district in Charlotte, NC (think Bank of America, Regions, and Wachovia before the Wells Fargo deal), did his best to protect the banks, but reason and accountability won out…so far. This bill could still be upended as it goes through the sausage maker called Congress, but this is a big win for taxpayers. This also shows that Barney Frank had no intention of letting real reform take place as he voted against the Paul-Grayson amendment.
We are fortunate to have Ron Paul and Alan Grayson fighting for us with this cause. I have said before the Federal Reserve is a threat to the average American. They are not the protector of the economy that they portend.
The Fed was established for one purpose: to allow banks to be bailed out with taxpayer money during a crisis. Any person or pundit who argues the bank was established to control inflation or regulate the money supply for the benefit of Americans is ignorant when it comes to the history of the Fed’s creation. Please stay on top of this issue and make sure your representative fights to Audit the Fed.