Jamesb101.com

commentary on Politics and a little bit of everything else

Bernanke and the Fed keep their juice…..

Do you remember when Congress was going to fry him alive?

Then Time magazine made him the Man of the Year?

Well it seems that with Obama standing in his corner and the Democrats cooling down….

The Federal Reserve and its Chairman has done Ok in the days, weeks and months after the financial meltdown…..

They had pushed back an attempt by congress to curtail their power of oversight and picked up a few new responsibilities…..

Instead of submitting to a chokehold by Congress, the Fed is walking away largely unscathed from fights with lawmakers from the left and right.

As Congress revamps Wall Street regulations, Democrats and Republicans have sharply criticized the Fed and its chairman, Ben Bernanke, for lapses in the run-up to the crisis. They have lashed out at the bank for committing trillions in taxpayer dollars to bail out Wall Street.

In January, Bernanke received the fewest votes in support of his confirmation of any Fed chairman.

But a bipartisan consensus is emerging to protect the Fed’s independence and shore up the private market’s confidence in the central bank.

The Senate approved two amendments this week that are victories for the Fed, and lawmakers are on the way to passing legislation that houses a new consumer protection regulator at the central bank.

“I think there is a broad recognition of the benefits of having an independent central bank,” said Lou Crandall, chief economist at Wrightson ICAP.

Sen. Bernie Sanders (I-Vt.) last week scaled back a popular amendment requiring new audits of the bank, amid warnings from the White House and Fed that it would compromise the independence of the bank and threaten monetary policy.

On Tuesday, the Senate approved, 96-4, the modified amendment, which would require a one-time audit of the central bank’s emergency lending during the crisis but not provide broader audit power of monetary policy. Shortly afterward, senators voted down, 37-62, a much tougher amendment from Sen. David Vitter (R-La.) that mirrored legislation the House passed in Decemember……..

More……..

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May 13, 2010 - Posted by | Blogs, Breaking News, Counterpoints, Government, Law, Media, Men, PoliticalDog Calls, Politics, The Economy, Updates, Women | ,

1 Comment »

  1. […] This post was mentioned on Twitter by James Finley. James Finley said: Bernanke and the Fed keep their juice…..: http://wp.me/pAL4p-2PI […]

    Pingback by Tweets that mention Bernanke and the Fed keep their juice….. « PoliticalDog101.com -- Topsy.com | May 13, 2010 | Reply


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