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Thread: House committee subpoenas Federal Reserve

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    House committee subpoenas Federal Reserve

    The Federal Reserve has been subpoenaed.

    The congressional panel investigating what happened to all that bank bailout money has issued a subpoena to the Federal Reserve, asking them to hand over all documents relating to the takeover of Merrill Lynch by the Bank of America. On January 1, BofA finalized its purchase of Merrill Lynch for just over $29.1 billion. That made the bank eligible for an additional $20 billion in federal rescue money, bringing BofA's total to some $45 billion. Now, Reps. Dennis Kucinich (D-OH) and Edolphus Towns (D-NY) want to know exactly what the banks and the Federal Reserve agreed to when they arranged the deal last year.
    I have two words for this:

    Hell yea!! About time!!

    OK, make that four words.

    Article is here.

    Let me add that the Federal Reserve has been making decisions secretly for far too long. The government, along with its purse strings, belongs to We the People, not the Fed. The Fed, according to the Constitution of the United States of America, is illegal.
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    Re: House committee subpoenas Federal Reserve

    Could be interesting to see what they uncover. I fully support investigations.

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    Re: House committee subpoenas Federal Reserve

    Quote Originally Posted by danarhea View Post
    The Federal Reserve has been subpoenaed.

    I have two words for this:

    Hell yea!! About time!!

    OK, make that four words.

    Article is here.

    Let me add that the Federal Reserve has been making decisions secretly for far too long. The government, along with its purse strings, belongs to We the People, not the Fed. The Fed, according to the Constitution of the United States of America, is illegal.
    link?


    .....
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: House committee subpoenas Federal Reserve

    Quote Originally Posted by RightinNYC View Post
    link?


    .....
    Look up where the Constitution mentions coin money and determining weights and balances.

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    Re: House committee subpoenas Federal Reserve

    Quote Originally Posted by Liz Peeps View Post
    Look up where the Constitution mentions coin money and determining weights and balances.
    Section 8. The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;

    To borrow money on the credit of the United States;

    To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;

    To establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States;

    To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

    To provide for the punishment of counterfeiting the securities and current coin of the United States;

    To establish post offices and post roads;

    To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries;

    To constitute tribunals inferior to the Supreme Court;

    To define and punish piracies and felonies committed on the high seas, and offenses against the law of nations;

    To declare war, grant letters of marque and reprisal, and make rules concerning captures on land and water;

    To raise and support armies, but no appropriation of money to that use shall be for a longer term than two years;

    To provide and maintain a navy;

    To make rules for the government and regulation of the land and naval forces;

    To provide for calling forth the militia to execute the laws of the union, suppress insurrections and repel invasions;

    To provide for organizing, arming, and disciplining, the militia, and for governing such part of them as may be employed in the service of the United States, reserving to the states respectively, the appointment of the officers, and the authority of training the militia according to the discipline prescribed by Congress;

    To exercise exclusive legislation in all cases whatsoever, over such District (not exceeding ten miles square) as may, by cession of particular states, and the acceptance of Congress, become the seat of the government of the United States, and to exercise like authority over all places purchased by the consent of the legislature of the state in which the same shall be, for the erection of forts, magazines, arsenals, dockyards, and other needful buildings;--And

    To make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof.
    Explain how that makes the Fed unconstitutional.
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    Re: House committee subpoenas Federal Reserve

    I too would like to know in what way the Federal reserve can be deemed to be unconstitutional.

    I have no doubt that Danahea will be able to enlighten us on this point?

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    Re: House committee subpoenas Federal Reserve

    Quote Originally Posted by RightinNYC View Post
    Explain how that makes the Fed unconstitutional.
    1. The authority to create money is limited specifically to the Congress, not an extra-governmental institution created by the Congress.

    2. The main tool of exercising monetary policy (open market operations) for the Fed is unconstitutional because currency creation is limited specifically to coining money.

    3. Since no such authority is enumerated, the government does not retain the authority to dictate interest rates.

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    Re: House committee subpoenas Federal Reserve

    I don't know where in the constitution you're getting the idea that a central bank is called for nor do I understand how you think the Congress has the authority to begin outsourcing their constitutional powers to other organizations.

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    Re: House committee subpoenas Federal Reserve

    Quote Originally Posted by Ethereal View Post
    1. The authority to create money is limited specifically to the Congress, not an extra-governmental institution created by the Congress.

    2. The main tool of exercising monetary policy (open market operations) for the Fed is unconstitutional because currency creation is limited specifically to coining money.

    3. Since no such authority is enumerated, the government does not retain the authority to dictate interest rates.
    Quote Originally Posted by Liz Peeps View Post
    I don't know where in the constitution you're getting the idea that a central bank is called for nor do I understand how you think the Congress has the authority to begin outsourcing their constitutional powers to other organizations.
    Congress is also given the authority to lay and collect taxes. Does that mean that the creation of the IRS to handle that process is unconstitutional?

    Congress is also given the authority to regulate commerce with the Indian tribes. Does that mean that the BIA is unconstitutional?

    Congress is also given the authority to regulate patents. Does that mean that the Patent Office is unconstitutional?

    Congress is also given the authority to make rules for the regulation of the military. Does that mean that the DoD is illegal?
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: House committee subpoenas Federal Reserve

    Yes i hope you have found this to be enlightening.

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