Wacko from the WaPo...
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THE FEDERAL Reserve Board's independence is a bit like the judiciary's independence. Absolutely vital for the institution's proper functioning, it nevertheless depends on Congress and the president to respect decisions with which they disagree. In such cases, the best protection for either the Supreme Court or the Fed is to stay strictly within its legally prescribed authority and to act according to principled criteria: legal ones for the justices, technical economic ones for the central bank.
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Yes, the Federal Reserve is like the Supreme Court in that the Constitution provides for four separate branches of government: the legislative, executive, judicial and central bank branches...
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By opening up the Fed's most sensitive interest rate and credit policies to public second-guessing, the bill would create a risk -- real and perceived -- of monetary policy bent to suit congressional overseers.
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certainly, because the as we should all clearly understand by now, the purpose of the fed is to bend monetary policy to the interest of the banksters, not congress which is clearly vested the power of coining money by the Constitution....
(fwiw....my guess is that
hr 1207 doesn't stand a chance not-withstanding the fact that 2/3rds of congress is cosponser to the bill. government of the banks, by the banks and for the banks and what not....)