Amend it? How about REPEALING IT?!!!!!
Also see: Alan Grayson grills Ben Bernanke on Foreign Lending
Ron Paul questions Ben Bernanke
"Bernanke balks at plan for consumer protection agency; He says duties should remain under the Fed" by Jeannine Aversa, Associated Press | July 23, 2009
WASHINGTON - Ben Bernanke put himself at odds with the Obama administration yesterday by resisting its plan to create a consumer protection agency for risky financial products. The Federal Reserve chief said those responsibilities should stay with the central bank.
Bernanke’s pushback on the White House plan comes at a politically delicate time for the Fed chairman. His term expires early next year, and President Obama will have to decide whether to reappoint him.
In his second straight day on Capitol Hill, Bernanke argued that the Fed has expertise that would be difficult to replicate at a new agency. Consumer oversight, he said, coincides with the Fed’s mission to oversee the safety and soundness of banks.
Addressing the Senate Banking Committee, Bernanke defended the Fed’s record:
“I understand why some would want to see a new agency that would be fully committed to this area. And, I’m not criticizing that. I’m simply saying that . . . we believe we can continue to do good work in this area.’’
Also see: Globe Gives Ron Paul a Hearing
White House officials downplayed Bernanke’s resistance to the Obama plan. They said they weren’t surprised by his comments, since Fed member Elizabeth Duke spoke out last week against the idea of a new agency to monitor financial products.
In his testimony, Bernanke said the Fed should not only keep its consumer protection duties, but also take other steps to bolster oversight.
Since when have they been looking out for us?
If they had, we wouldn't be in this mess!!!
The Fed chief said Congress could amend the Federal Reserve Act to make consumer protection a “major goal’’ of the central bank.
Which means it isn't now.
