Friday, May 18th, 2012 and is filed under Blog
In a continuing effort to inform our readers and activists on the legislative activities in Congress, I’m posting the vote tally for those who supported Obama’s two liberal nominees to the Federal Reserve yesterday.
As we’ve noted many times, the stimulus actions of the Federal reserve – from quantitative easing and low-interest rates to buying up mortgage securities – are just as destructive as Obama’s fiscal stimulus. These government interventions on behalf of special interests distort the markets, deplete savings, and devalue the currency.
Perforce, it is vital that we do everything we can to oppose Obama’s nominees to the Federal Reserve Board of Governors, the 7-member body that oversees our banking system. All 7 members are a part of the Federal Open Market Committee (FOMC), the 12-member governing body of the Fed. These 12 members are just as powerful, if not more powerful, than the members of Congress who are duly elected by the people. Thanks to help from Republicans, Obama was able to stack the board with 2 members who are supportive of monetary stimulus; Jeremy Stein and Jerome Powell. They serve for 14 years, so this confirmation could potentially have a negative effect on our monetary policy for a long time to come.
Here are the Republicans who voted to confirm Stein and Powell:
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