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TheCenterLane.com offers opinion, news and commentary on politics, the economy, finance and other random events that either find their way into the news or are ignored by the news reporting business. As the name suggests, our focus will be on what seems to be happening in The Center Lane of American politics and what the view from the Center reveals about the events in the left and right lanes. Your Host, John T. Burke, Jr., earned his Bachelor of Arts degree from Boston College with a double major in Speech Communications and Philosophy. He earned his law degree (Juris Doctor) from the Illinois Institute of Technology / Chicago-Kent College of Law.
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More Heat For The Federal Reserve
October 5, 2009
On Thursday, October 1, Federal Reserve chairman Ben Bernanke testified before the House Financial Services Committee. That event demonstrated how the Fed has fallen into the crosshairs of critics from both ends of the political spectrum. A report in Friday’s Los Angeles Times by Jim Puzzanghera began with the point that the Obama administration has proposed controversial legislation that would expand the Fed’s authority, despite bipartisan opposition in a Congress that is more interested in restricting the Fed’s influence:
The article noted the observation of Jaret Seiberg, a financial policy analyst with Concept Capital’s Washington Research Group:
Mr. Puzzanghera’s report underscored how the Fed’s interventions in the economy during the past year, which involved making loans (of unspecified amounts) and backing commercial transactions, have drawn criticism from both sides of the aisle. The idea of expanding the Fed’s authority to the extent that it would become a “systemic risk regulator” has been criticized both in Congress and by a former member of the Federal Reserve Board of Governors:
The colorful Democratic chairman of the House Financial Services Committee, Barney Frank, recently published a report card on the committee’s website, criticizing the Fed’s poor record on consumer protection. The report card contrasted what Congressional Democrats had done to address various issues (categorized under the heading: “Democrats Act”) with what the Fed has or has or has not done in dealing with those same problems.
Meanwhile, Republican Congressman Ron Paul of Texas, is making the rounds, promoting his new book: End The Fed. A recent posting at The Daily Bail website includes a YouTube video of Ron Paul at a book signing in New York, which resulted in a small parade over to the New York Fed. Although the Daily Bail piece reported that Paul’s book had broken into the top ten on Amazon’s list of bestsellers — as I write this, End The Fed is number 15. I would like to see that book continue to gain popularity. Perhaps next time Chairman Bernanke testifies before a committee, he will know that something more than his own job is on the line. It would be nice to see him make history as the last Chairman of the Federal Reserve.