Chad Dewey for Liberty

Both of Michigan’s U.S. Senators (Stabenow and Levin) voted “Nay” against an amendment proposed to audit the Federal Reserve. This vote falls right in line with Levin’s “Yea” vote for the bank bailouts. The amendment would have at least put some transparency into the Federal Reserve. The Senator Dodd bill (Restoring American Financial Stability Act of 2010) it would be attached to intends to extend the power of the Federal Reserve (not good). Of course, Stabenow has put quite a spin on how Dodd’s bill will ”protect consumers”:

“This bill creates a new, independent agency with broad authority to monitor banks, credit card companies and other Wall Street firms for abusive practices – and intervene when necessary to protect consumers.”

What Stabenow and Levin don’t seem to understand is how the Federal Reserve was the problem to begin with. If you read Dodd’s bill, you will see for yourself that the Federal Reserve will be a significant part of this ”independent agency” (page 12 out of 1566). The same “independent agency” that was responsible for disbursing the bailout funds…but won’t show you HOW they were disbursed.

When I am elected, not only will I vote for and/or propose a bill auditing the Federal Reserve, I will vote for and/or propose a bill to END the Federal Reserve.

After reading the first 38 pages out of this 1410 page bill, I am disgusted that it gives even more over-reaching, unregulated power and unfettered access to banking information to the Federal Reserve. Not only does it allow them to watch over banks, but also Credit Unions and “Nonbank Financial Institutions”. I’m still reading, but it’s not likely to get any better.

The short title of the bill: “Restoring American Financial Stability Act of 2010″ created by Chris Dodd (D-Conn.). It does about as much “restoring” financial stability as the USA PATRIOT Act did for patriotism. The bill also creates amendments to the following Acts to allow more “oversight” (i.e. snooping):

Sec. 1081. Amendments to the Inspector General Act.
Sec. 1082. Amendments to the Privacy Act of 1974.
Sec. 1083. Amendments to the Alternative Mortgage Transaction Parity Act of 1982.
Sec. 1084. Amendments to the Electronic Fund Transfer Act.
Sec. 1085. Amendments to the Equal Credit Opportunity Act.
Sec. 1086. Amendments to the Expedited Funds Availability Act.
Sec. 1087. Amendments to the Fair Credit Billing Act.
Sec. 1088. Amendments to the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act.
Sec. 1089. Amendments to the Fair Debt Collection Practices Act.
Sec. 1090. Amendments to the Federal Deposit Insurance Act.
Sec. 1091. Amendments to the Gramm-Leach-Bliley Act.
Sec. 1092. Amendments to the Home Mortgage Disclosure Act.
Sec. 1093. Amendments to the Homeowners Protection Act of 1998.
Sec. 1094. Amendments to the Home Ownership and Equity Protection Act of 1994.
Sec. 1095. Amendments to the Omnibus Appropriations Act, 2009.
Sec. 1096. Amendments to the Real Estate Settlement Procedures Act.
Sec. 1097. Amendments to the Right to Financial Privacy Act of 1978.
Sec. 1098. Amendments to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Sec. 1099. Amendments to the Truth in Lending Act.
Sec. 1100. Amendments to the Truth in Savings Act.
Sec. 1101. Amendments to the Telemarketing and Consumer Fraud and Abuse Prevention Act.
Sec. 1102. Amendments to the Paperwork Reduction Act.
Sec. 1103. Adjustments for inflation in the Truth in Lending Act.