The bill still has to pass the Senate, and the White House has already said it will issue a veto if it passes. The fact that the president of the United States wants to maintain the secrecy of a foreign corporation so as to allow it to continue programs of economic warfare on the very people he is beholden to, is a breach of the public trust, and enough for the people to overthrow the illegitimate government.
Related The National Debt Is Not For Americans To Payback | History of The Corporate Takeover of The Continental United States
Transparency is an essential aspect of a free and moral society. When a government takes actions to hide from the beneficiaries of its mandate, the people, then has that government fallen into despotism and it is the duty of the people to dismantle it.
Related How the Cabal Maintains Their Power And What You Need To Do To Stop It - Un-Consent | Beyond BRICS: Exposing the Rats
In reality, this is only one example amongst many, but it is enough to help wake up the sleeping masses.
Source - Freedom Force
In a 241-185 vote, the House passed a bill Thursday largely along party lines that would make major changes to the way the Federal Reserve operates in an attempt to create more transparency.
The Fed Oversight Reform and Modernization Act, spearheaded by Michigan Republican Rep. Bill Huizenga, would lift restrictions placed on the Government Accountability Office, enabling the agency to audit the central bank and narrowing its ability to provide emergency bailouts.
The legislation would also require the Fed to use a formula like the Taylor Rule, a tool used to calculate whether nominal interest rates should be changed, when making rate decisions.
“If the Federal Reserve explained to the public how it made its decisions, the American people would have greater confidence in them,” House Speaker Paul Ryan said in a statement after the vote. “Families could better plan for the future, invest their money wisely, and create opportunity for all of us.”
Critics of the bill claim giving the GAO more access would subject the Fed to more public scrutiny, potentially leading to damaging effects on its ability to avert financial crises.
In a letter written to House leaders Tuesday, Fed Chair Janet Yellen said the legislation would subject the central bank to harmful political influence and argued the annual audits conducted by an independent accounting firm under the Inspector General is already an adequate form of oversight.
“This provision would politicize monetary policy and bring short-term political pressures into the deliberations of the FOMC by putting into place real-time second guessing of policy decisions,” she wrote. “Such action would undermine the independence of the Federal Reserve and likely lead to an increase in inflation fears and market interest rates, a diminished status of the dollar in global financial markets, and reduced economic and financial stability.”
House Financial Services Committee Chairman Jeb Hensarling said the bill is necessary to rein in the central bank’s power and provide the necessary oversight and transparency to restore its accountability.
“The Fed is even authorized to – on a vague finding – break up a financial institution they deem poses a threat to financial stability,” the Texas Republican said in a statement ahead of the vote. “In other words, the Fed can now literally occupy the board rooms of the largest financial institutions in America and influence how they deploy capital.”
The White House said it will veto the measure if it reaches the president’s desk.
For the bill to become law, Senate Republicans would have to attract Democratic supporters to override the president’s threat.
Sign-up for RSS Updates: Subscribe in a reader
View and Share our Images.
Curious about Stillness in the Storm?
See our About this blog - Contact Us page.
If it was not for the galant support of readers, we could not devote so much energy into continuing this blog. We greatly appreciate any support you provide!
We hope you benefit from this not-for-profit site
It takes hours of work every day to maintain, write, edit, research, illustrate and publish this blog. We have been greatly empowered by our search for the truth, and the work of other researchers. We hope our efforts
to give back, with this website, helps others in gaining
knowledge, liberation and empowerment.
"There are only two mistakes one can make along the road to truth;
not going all the way, and not starting." - Buddha
If you find our work of value, consider making a Contribution.
This website is supported by readers like you.
This website is supported by readers like you.
[Click on Image below to Contribute]