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House committee subpoenas Federal Reserve

danarhea

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


.....
 
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.
 
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?
 
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.
 
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.
 
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.

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?
 
Yes i hope you have found this to be enlightening.
 
I can honestly say that I learned something.

Im sorry i thought you were playing the game with me where you get to be intentionally obtuse and waste time and i get to be sarcastic in response to your obtuseness.
 
To go back to your questions, at least the examples you brought up serve under a branch of government.
 
To go back to your questions, at least the examples you brought up serve under a branch of government.

Right, and no branch of government has any control over the Fed.
 
Right, and no branch of government has any control over the Fed.

oh! there you go being obtuse again! look at him go!

So which branch of government has control over the Fed, NYC?
 
oh! there you go being obtuse again! look at him go!

So which branch of government has control over the Fed, NYC?

The president has control over the majority of the FOMC, while Congress has absolute control over the very existence of the Fed.
 
1. The authority to create money is limited specifically to the Congress, not an extra-governmental institution created by the Congress.
No, the power to coin money is limited to Congress.
 
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?

You did not address my points, nor are the answers to these questions pertinent the constitutionality of the Federal Reserve.
 
The president has control over the majority of the FOMC, while Congress has absolute control over the very existence of the Fed.

I like how you word that very specifically. First you're saying sarcastically that the Fed does not have oversight by a government branch, then you say Congress has absolute control over the existence of the Fed. Yet to even perform a basic audit of the Fed, the Congress has to pass special legislation. What other organizations in the federal government require special legislation to audit, NYC?

If you could, please elaborate the President's powers of the FOMC and how they are derived.
 
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You did not address my points, nor are the answers to these questions pertinent the constitutionality of the Federal Reserve.

How do you figure?

1. The authority to create money is limited specifically to the Congress, not an extra-governmental institution created by the Congress.

"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."

In order to execute the power of coining money, Congress passed the Federal Reserve Act.

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.

Link?

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

General Welfare clause (this really applies to all above points as well, but hey).
 
I like how you word that very specifically. First you're saying sarcastically that the Fed does not have oversight by a government branch, then you say Congress has absolute control over the existence of the Fed.

Are you going to deny that Congress could abolish the Fed tomorrow if it wished?

Yet to even perform a basic audit of the Fed, the Congress has to pass special legislation. What other organizations in the federal government require special legislation to audit, NYC?

It doesn't require "special legislation," it simply requires any legislation providing for an audit, just like any organization. They could have included it in the Fed Reserve Act, but they didn't.


If you could, please elaborate the President's powers of the FOMC and how they are derived.

He appoints 7. There are 12. They vote.

If you can't be bothered to learn the most basic facts, this is going to be a very short "debate."
 
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?
The Federal Reserve itself is unquestionably constitutional. McCulloch v Maryland established the constitutionality of Congress' power to charter banks, and the Federal Reserve System itself is, at the end of the day, merely a bank.
 
How do you figure?



"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."

In order to execute the power of coining money, Congress passed the Federal Reserve Act.



Link?



General Welfare clause (this really applies to all above points as well, but hey).

According to you the federal government has the power to do whatever it wants.
 
If you can't be bothered to learn the most basic facts, this is going to be a very short "debate."

If you can't maintain a modicum of civility then it indeed will be a very short debate.
 
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