Barney Frank (D) wants more abuse out of the Federal Reserve

[redrumloa]

http://finance.yahoo.com/news/Barney-Fr ... et=&ccode=

The Massachusetts Democrat announced Tuesday morning that he's introducing a bill that would dramatically downsize the Federal Reserve's policymaking committee, eliminating five regional Fed presidents from having a say in the central bank's decisions.

Why would he want that?

And lately, the regional presidents have been more likely to express dissent with Bernanke's policies than the other Fed governors.

Mann points out that stripping the FOMC of the regional presidents would leave the Fed's decisions solely up to the governors based in Washington, D.C. and limit the board's diversity.

 

[cybereye]

http://finance.yahoo.com/news/Barney-Frank-tries-to-cnnm-1473619034.html?x=0&sec=topStories&pos=4&asset=&ccode=

The Massachusetts Democrat announced Tuesday morning that he's introducing a bill that would dramatically downsize the Federal Reserve's policymaking committee, eliminating five regional Fed presidents from having a say in the central bank's decisions.

Why would he want that?

[quote:21w0ix1l]And lately, the regional presidents have been more likely to express dissent with Bernanke's policies than the other Fed governors.

Mann points out that stripping the FOMC of the regional presidents would leave the Fed's decisions solely up to the governors based in Washington, D.C. and limit the board's diversity.

[/quote:21w0ix1l]

I am all for downsize the Federal Reserve. I don't agree with Massachusetts Democrat point of view and his view is not really downsized. It just remove finance economist advisor to a government that don't know about money and economics theory to run the policymaking committee. I think that even worst. Democrat seem to get crazier.