Section 13-3 of the Federal Reserve Act delivers the Authority to the Federal Reserve to use taxpayer’s salaries to bailout private companies and governmental organizations who the Independent-From-Government Federal Reserve deems necessary and “too big to fail”, but it must have 5 of its board of governors approve any action of this caliber. The language within the Federal Reserve Act is much more eloquent and deceiving, but that is not the point here. The point is that recently released information is hinting that a new bailout may be in the works, although the 5 members requirement for a bailout may face some trouble, along with some problems in the Senate. “In March, the Senate Banking Committee voted out President Obama’s latest nominations to the Board of Governors of the Federal Reserve System, Jeremy Stein and Jerome Powell” [Source] Currently, this leaves 2 of the positions on the Board of Governors of the Federal Reserve awaiting affirmed nominees, while another position, held by Elizabeth A. Duke, has already expired on January 31st, although she still holds the position. Why she is still illegally holding the position is beyond me, possible awaiting the 2 vacant positions to get filled so that they may pass a bailout without [...]
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Abolish or Reform the Federal Reserve Hearing Set for Tuesday, May 8th, 2012
“More and more people are beginning to understand just how destructive the Federal Reserve’s monetary policy has been. I hope that this hearing will kick start a serious discussion on the need to rein in the Fed,” said Chairman Paul. “100 years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar’s purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end.” -Congressman Ron Paul on the upcoming Tuesday hearing titled “Abolish or Reform the Federal Reserve” [Source & Press Release] The Financial Services Sub Committee on Domestic Monetary Policy and Technology will discuss Six pieces of legislation dealing with Ending or Reforming the Unconstitutional Federal Reserve Central Bank on Tuesday, May 8th, 2012 at 10 AM in Room 2128 in the Rayburn House Office Building [Source]. Pieces of legislation are as follows, *explanations & links are further below*: H.R. 245, introduced by Rep. Mike Pence H.R. 1094, the Federal Reserve Board Abolition Act, introduced by Rep. Paul H.R. 1401, the Democratizing the Federal Reserve System Act, introduced by Rep. Marcy Kaptur H.R. 2990, the National [...]


