Hiding Consumer Protection at the Fed, Boneheaded Idea of the Century
So this is what I want to know: Did the Senate like the idea of immunity, self-funding or secrecy more? Surely putting consumer protection at the Fed didn't seem like a good idea because that would be the wisest place for it from the consumer's perspective. As we all know, the Fed could give a rat's ass about the "consumer" since they routinely erode purchasing power from the consumer's dollar each and every year as a rule.
With Barney Frank on board, the plan sounds all that much more suspicious.
U.S. Representative Barney Frank, the lead negotiator on the financial-overhaul legislation, has accepted the Senate’s proposal to house a new consumer protection bureau at the Federal Reserve.
Frank, chairman of the House Financial Services Committee, will make the concession as part of a package of changes to be debated tomorrow, Steve Adamske, spokesman for the Massachusetts Democrat, said today. Frank had supported creating a standalone agency, an idea included in the financial bill passed by the House in December.
President Barack Obama originally made a standalone agency a centerpiece of his proposal for revising the government’s oversight of Wall Street. Under the Senate plan, the bureau would have independent authority to write and enforce rules about consumer lending in mortgages, credit cards and other financial products while being housed at the Fed.
“The way the Senate provision is drafted, it does give the bureau a significant degree of independence,” said Gilbert Schwartz, a former Fed attorney and a partner at the law firm Schwartz & Ballen LLP in Washington.
Seriously, can someone explain to me the benefit of this? To the consumer, I mean, not to the idiots who write these rules and somehow keep getting re-elected despite not giving a flying rat's ass about what their constituents want.
Nearly 2 full years after the entire financial system ground to a halt, this is the best they can do? Sorry but this is just sad.
If they pull this one off, what's to stop them from hiding everything in the Fed? Hey, I have a GREAT idea! Let's put Social Security and Medicare in there too! Then we don't have to come up with the cash to cover those $2 trillion in IOUs we've been stuffing in the Social Security "trust" AND we can cockblock any attempts to investigate by using the ole "the Fed is independent" line! It can't possibly go wrong!