[GATA] Ron Paul defends his plan for Fed oversight
Gold Anti-Trust Action Committee
org> Ron Paul defends his plan for Fed oversight
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Submitted by cpowell on 08:28PM ET Friday, November 20, 2009.
Section: Daily Dispatches<http://www.gata.org/node/8060>
By Cyrus Sanati The New York Times Friday, November 10, 2009
http://dealbook.blogs.nytimes.com/2009/11/20/ron-paul-defends-his-plan-f...<h
ttp://dealbook.blogs.nytimes.com/2009/11/20/ron-paul-defends-his-plan-for-fed
-oversight/>?
Defending himself against critics, U.S. Rep. Ron Paul of Texas
played down continuing concerns on Friday that his amendment to
give Congress sweeping new oversight powers over the Federal Reserve
would compromise the central bank's political independence. He
asserted that the Fed was not truly as independent as it would like
the public to believe.
"There is already a tremendous amount of political pressure on the
Fed," Mr.
Paul, a libertarian Republican, told DealBook. "The Federal Reserve
Board chairmen have notoriously been sympathetic to the presidents
who might be reappointing them and there has been evidence to show
that."
Mr. Paul also asserted that the Fed was beholden to pressures beyond
the government from special interests, including Wall Street.
"It's not like the banks and Goldman Sachs don't have influence
over the Fed,"
Mr. Paul said. "Every time the Fed says it wants its independence,
what they are really saying is, 'We want to keep our secrets.'"
The renewed attacks on Mr. Paul's controversial amendment to provide
audits of the Fed come after the House Financial Services Committee
voted Thursday night to insert the amendment into its version of
the financial overhaul bill.
The amendment would allow the Government Accountability Office, the
investigative arm of Congress, to have access to a vast array of
information on the nation's monetary policy currently out of their
reach, including information on the Fed's emergency lending programs,
information on the financial bailouts, the Fed's dealings with
foreign central banks and the Fed's decisions to drive down interest
rates by intervening in bond markets.
Rep. Barney Frank, the Massachusetts Democrat who is chairman of
the House Financial Services Committee, told DealBook that he voted
against the amendment because he said he felt "it went a little bit
too far." But he noted that he could support it going forward if
it did not dispel the "perception"
that the Fed is independent.
"The problem with monetary policy is that perception plays a real
role and I did worry that that could lead people inside America and
also outside to be worried about the integrity of the monetary
policy function," Mr. Frank said.
"If it turns out that the amendment does not cause these kind of
concerns, then I would be fine with that."
Meanwhile, other critics of Mr. Paul's amendment contend that
Congress is "pandering to public anger" and fear that the Fed would
lose its ability to set interest rates, putting Congress in charge
of this very important subset of monetary policy.
"Yesterday's passage of the Paul amendment by the House Financial
Services Committee is a dangerous move by this Congress to pander
to the populist anger currently directed against our central bank,
the Federal Reserve," Sen. Judd Gregg, Republican of New Hampshire,
said in a statement. "Congress has demonstrated time and again its
inability to manage the nation's fiscal policy, illustrated by our
staggering national debt in excess of $12 trillion, so how can
anyone think that its involvement in monetary policy would be good
for the country?"
Mr. Paul shot back at Mr. Gregg. "It's not pandering, it's listening,"
Mr.
Paul said. "The people are angry because they are finding out what
the Fed is doing."
One of the more controversial things the Fed has done during the
crisis was to buy up billions of dollars' worth of mortgage-backed
securities from banks and government-sponsored entities. Since the
Fed is shielded from oversight, Congress has little idea what the
Fed bought or exactly how much it paid for the potentially toxic
securities. Mr. Paul said he feared that the government could be
paying full price for the securities, which could end up being
worthless.
Mr. Paul also said the amendment specifically barred Congress from
intervening in any aspect of monetary policy and that any audits
of the Federal Reserve's decisions to raise or lower interests rates
would be made available to Congress on a six-month time lag.
The bill will be voted on by the committee at the end of the month
and it will then go to the House floor for debate and a vote. The
Senate, meanwhile, is considering its own financial overhaul bill.
If those bills are approved, they would then have to be reconciled
by both houses of Congress before going to the president.
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