Oppose Bernanke Reappointment as Fed Chairman
Written by JBS Staff
Tuesday, 15 December 2009 11:16
The Federal Reserve Act was originally rushed through Congress just before Christmas in 1913. The inherent dangers in creating the central but quasi-private bank were noted by some congressmen at the time, and warnings issued about the dangers of monetary inflation if such a centralized monopoly was created.

Today those warnings have materialized with the Federal Reserve controlling the amount of currency in circulation, the value of that currency, and even the interest rates on borrowed currency. In essence an independent and separate financial government resides in the Federal Reserve, and it all takes place without congressional input or oversight. This state of affairs is unconstitutional and needs to be reversed.

The Senate Banking, Housing, and Urban Affairs Committee is poised to vote December 17 on Ben Bernanke’s second four-year term as chairman of the Federal Reserve. There is one fly in the ointment and that is Sen. Bernie Sanders’ (I-Vermont) hold that he placed on Bernanke’s confirmation proceedings that could delay, but probably not scuttle, the confirmation.
A hold changes voting requirements. Instead of the usual 50 votes, democrats would need 60 senators to agree to bring the nomination to a vote. “The American people did not bargain for ... another four years for one of the key architects of the Bush economy,â€