Monday, November 2, 2009

Protecting the Fed

Rep. Mel Watt (D-NC) vigorously defended the Federal Reserve Bank at a Congressional hearing in September. He followed up by gutting Rep. Ron Paul's "Audit the Fed" bill. Bloomberg reported:

Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated “just about everything” while preparing the legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee. Paul said he intends to introduce an amendment to the bill when it comes to the House floor for a vote restoring the legislation’s original language.
Financial firms sponsored Rep. Watt and his leadership PAC in 2008. Mel's PAC donated to Rep. William Jefferson's 2008 run. Did Mr. Jefferson run out of cold cash?

The timing of Mr. Watt's gutting is odd, given the Fed's admission it manipulated gold prices. The Government-Industrial Monstrosity hates investigations and accountability. Watt is but the latest silver tongued thwarter.

(Thanks to Economic Policy Journal)