This does not bode well for the prospects of H.R. 1207 in the Senate:
A growing effort in the House to require periodic audits of the Federal Reserve is little more than “great PR,” one Republican senator stressed Friday.
Reps. Ron Paul (R-Texas) and Alan Grayson’s (D-Fla.) effort to subject much of the Fed’s records, communications and decisions to public scrutiny survived a key committee vote this week, and it now over 300 supporters in the House. But Sen. Judd Gregg (R-N.H.) told CNBC Friday morning that the amendment was little more than “pandering [to] populism.”
“For the Congress to get into monetary policy, it’s just absolutely inexcusable,” he said. “We can’t handle fiscal policy, but now we want to manage monetary policy? One of the great strengths of our nation is an independent Fed, and this idea that’s coming out of the House, which is populist fervor … is absolutely wrong, and it would do fundamental damage to our system of monetary policy.”
“They’re all absolutely wrong, there’s no question about it, and [it's] because they want to get reelected,” a frustrated Gregg added. “It’s great PR; you go home and beat up the Fed.”
The fact that monitoring monetary policy is part of Congress’s duty under the Constitution seems to have escaped Senator Gregg’s attention.
Video:
November 23rd, 2009 at 10:02 am
Thank goodness ol’ Judd is not running again at the end of his term.