Fed Transparency

Discussion in 'Soap Box' started by Mikeintx, Nov 28, 2009.

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  1. Mikeintx

    Mikeintx Well-Known Member

  2. Bob26003

    Bob26003 Well-Known Member

    fox news.......... are you joking? I cannot read that.

    oh and btw of course the fed should be audited

    and yes we need WAY more financial regulation and oversight, and that applies to the Fed too , not just to commercial banks

    I would like to read the article MIke but I refuse to read fox news

    it makes me feel dirty
    Last edited by a moderator: Nov 28, 2009
  3. Zurkhardo

    Zurkhardo Well-Known Member

    The problem is that if the Fed comes under any political influence it will cease to lose it's independence and will risk becoming politicized. The idea was always to keep it from beig a partisan tool. If it were to be audited, it'd have to be from another independent, non-partisan organization.
  4. Mikeintx

    Mikeintx Well-Known Member

    Last edited by a moderator: Nov 29, 2009
  5. Mikeintx

    Mikeintx Well-Known Member

    But how is it not politicized now? Doesn't the president choose the chairman? I believe Ron Paul wants it audited due to his stance that we need to get away from a central banking system, how do you feel about that Zurk?
  6. Zurkhardo

    Zurkhardo Well-Known Member

    He nominates the Chairman who in turn needs to be approved by the Senate, much like our Supreme Court System (which also operates independently). But beyond that, it operates without any sort of political mandate or direction (at least in theory; obviously, these men, like our court judges, are political individuals. It's just not systemic).

    As for your second question it's a good one but I'm out of time before work. I'll get to it later tonight :)
  7. Bob26003

    Bob26003 Well-Known Member

    and I think each member of the board of governers serves for twelve year terms

    sorry not 12 but 14

    Board of Governors
    7 members serving staggered 14-year terms
    Appointed by the U.S. President and confirmed by the Senate
    Oversees System operations, makes regulatory decisions, and sets reserve requirements

  8. GabrielConroy

    GabrielConroy Well-Known Member

    I too must confess...I enjoy...the darker side of things...
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