In early October, U.S. Navy SEALs secretly captured one of the most wanted terrorists in Iraq, Ahmed Hashim Abed, the alleged mastermind of the murder and mutilation of four Blackwater USA security guards in Fallujah in 2004.
Now, three of the SEALs who captured him are facing criminal charges because Abed claims he was hit in the stomach by one of the SEALs.
 | chas butterfield on DEMINT: White House land grab 5th Mar 10 Obviously, once again, just like HITLER, the BLUE_SHIRTED LIBERAL NAZIS are trying to control, NOT only the Banks/car companies/ healthcare ... |
 | Brian Wilson on Unsustainable 23rd Feb 10 America may be listening -- but they sure as hell aren't comprehending. At CPAC last week, the entire hotel population ... |
 | 1776 on Unsustainable 7th Feb 10 yeah, Steyn does nail it. But I think the majority of America is listening...now. And more people wake ... |
| 1776 on Tebow’s Super Story 7th Feb 10 I think the Pro-Choice movement is all about choice....but only if you agree with them. They don't seem to ... |
| Brian Wilson on Our National Blind Spot 7th Feb 10 Excellent piece! Hendrickson uses an economy of words to pronounce the absolute essence of America's problem. Indeed, neither Marx, Engle or ... |
 | Stoby Stobart on Unsustainable 7th Feb 10 Steyn nails it. Why isn't America listening? Or reading? "Mad Max on the New Jersey Turnpike" now THAT'S a picture a ... |
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To those of you who retain some remnant of dignity and the will to live your lives for yourselves, you have the chance to make the same choice. Examine your values and understand that you must choose one side or the other. Any compromise between good and evil only hurts the good and helps the evil.
~John Galt
When a long train of abuses and usurpations,pursuing invariably the same object evinces a design to reduce them under absolute despotism,it is their right,it is their duty,to throw off such government,and to provide new guards for their future securities.
~Declaration of Independence
Glenn Beck’s “Restoring Honor” Rally Supports Special Ops Troops and Families.
RESTORING HONOR 8.28.10
So, the Fed can say, ‘Thanks, but no thanks!’ ? This institution needs to go.
By Craig Torres and Robert Schmidt
Sept. 21 (Bloomberg) — The Federal Reserve Board has rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central bank’s structure and governance, three people familiar with the matter said.
The Obama administration proposed on June 17 a financial- regulatory overhaul including a “comprehensive review” of the Fed’s “ability to accomplish its existing and proposed functions” and the role of its regional banks. The Fed was to lead the study and enlist the Treasury and “a wide range of external experts.”
Some top central bank officials, after agreeing to the review, saw a potential threat to Fed independence after the Treasury released the proposal, two of the people said. The Obama plan said the Treasury would consider recommendations from the review and “propose any changes to the Fed’s governance and structure.”
“It is not obvious at all why that is a Treasury responsibility or even appropriate why the Treasury would undertake that kind of study,” said Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. in Vineland, New Jersey, and a former Atlanta Fed research director. “The Fed was created by Congress and it is not part of the executive branch.”
U.S. lawmakers have also called for a review of the Fed’s power and structure, saying Fed Chairman Ben S. Bernanke overstepped his authority as he bailed out creditors of Bear Stearns Cos. and American International Group Inc. while battling a crisis that led to $1.62 trillion in writedowns and losses at financial firms.
No Work Done
While the report requested by the Treasury hasn’t been formally scrapped, no work has been done on the project, which was due Oct. 1, the people said. Treasury spokesman Andrew Williams declined to comment, as did Fed spokeswoman Michelle Smith.
The central bank is performing its own reviews of possible operational changes following the financial crisis. Fed Governor Elizabeth Duke is leading an internal study of the roles of the directors that serve on each of the boards at regional Fed banks.
“The institution is trying to keep a low profile,” said Vincent Reinhart, a resident scholar at the American Enterprise Institute in Washington and the former director of Division of Monetary Affairs at the Fed Board. “To publish a report now invites comment on that report.”
‘Associated Costs’
The Senate passed 96-2 a nonbinding budget amendment in April supporting “an evaluation of the appropriate number and the associated costs” of the district banks. The measure was sponsored by Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, and Alabama Senator Richard Shelby, the senior Republican on the panel.
House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, has also called for more scrutiny of the central bank, saying last year he aims to probe how the 12 regional Fed presidents are appointed and their role in setting interest rates. The Fed banks are semi-private entities, each overseen by a nine-member board of directors.
Legislation in both houses of Congress would allow for audits by the Government Accountability Office of the central bank’s monetary policy and other operations. Bernanke opposes the measure, which was introduced in the House by Representative Ron Paul of Texas, a Republican. Frank has scheduled a committee hearing on the issue for Sept. 25.
Lessons Learned
Along with the study by Duke, the Fed is reviewing how to overhaul supervision based on lessons learned from the financial crisis.
The Treasury interest in a Fed structural review partially stems from the administration’s proposal to make the central bank the lead regulator for the largest, most inter-connected financial institutions.
Fed Governor Daniel Tarullo, an Obama appointee, is working on changes to the supervisory process that are preparing the central bank for a larger role in tracking risks across the financial system.
Tarullo is focusing on bank-to-bank comparisons and quantitative scenario testing of bank portfolios. The Fed is currently examining the vulnerability of banks with assets under $100 billion to falling commercial real estate values.
Congressional leaders have balked at the notion of giving the Fed more power and are leaning toward vesting authority over capital, liquidity and risk-management practices of big banks in a council of regulators.
Supervisory Council
“There will be a council,” Frank told Bloomberg Television Sept. 14.
The review led by Duke followed the resignation in May of Stephen Friedman as New York Fed chairman because of ties to Goldman Sachs Group Inc. Friedman is a director on Goldman Sachs’s board.
Goldman Sachs became a bank holding company in September 2008, a change that would have normally barred Friedman from continuing to serve in his New York Fed post. Officials gave him a waiver so he could remain in the job, which has mostly an advisory role.
Friedman, chairman of Stone Point Capital LLC, said at the time of his resignation that he had complied with all the Fed’s rules and his service on the board was “mischaracterized as improper.”
Some analysts said a Fed revision of the role of directors is overdue.
“Allowing local bankers to play a leading role in selecting reserve bank presidents is the most worrying aspect of the current system,” Lou Crandall, chief economist at Wrightson ICAP LLC, wrote to clients in July.
District bank presidents are nominated by committees made up of people whose institutions the nominees may have supervised.
“The conflicts of interest inherent in the current system are glaring,” Crandall said.
Original article
Related posts:
Tags: Federal Reserve, Geithner, Treasury | Category CONSTITUTION, ECONOMICS
The Slaughter Of America’s Democratic Republic
We all know liberals hold our nation in low esteem. But when this distaste for all things America is combined with their obsessive delusions of grandeur, we are learning these people will destroy anything in their path to prove their disastrous schemes (we are way beyond ‘risky’) are actually mana from Heaven!
standlikearock: New CATO Study Shows Educators Lie | http://tinyurl.com/ykghca7standlikearock: Small-Town Mom Second American Woman Arrested in Terror Plot on Swedish Cartoonist | http://tinyurl.com/yfzsvj3standlikearock: President Obama to unveil education plan Monday | http://tinyurl.com/yd6m5kgstandlikearock: Obama's sick obsession: Nationalized health care is the progressives' Golden Fleece. | http://bit.ly/cPTNXKstandlikearock: Why our 'post-modern presidents' fail | http://tinyurl.com/yk5gvzostandlikearock: Girl Scout Politics Less Than Sweet | http://tinyurl.com/yzadj7fstandlikearock: RT @ScottWGraves: "UNCONSTITUTIONAL" is not a big enough word to characterize the 'Slaughter Solution' http://bit.ly/coLn1O #tcot
jbkeener1776: Rifqa Barry's life is in danger, but media ignores the risks to a young muslim girl converting to Christianity | http://bit.ly/9mAV3vjbkeener1776: ACORN is banned from Ohio...good news, but I'm sure that they are alive and well in other forms | http://bit.ly/bo84uljbkeener1776: What is it about 'unsustainable' is so hard to understand? We are sinking in a bottomless pit of crushing debt. When will it all implode?jbkeener1776: got a letter from the govt today telling me expect my census form shortly and that I should fill it out and send it in. Was that necessary?jbkeener1776: Not to say that I doubt what he's said about Rahm's tactics... Rahm is one creepy dude...jbkeener1776: Really curious to see how this turns out with Massa. Is he a sleaze and looking to do some damage on his way out, or is he a victim?jbkeener1776: Interesting that the doctors advised Obama to cut his alcohol...wonder how much he admitted to drinking...& is he drinking more than that?jbkeener1776: Here's why Dems keep pushing 'dead' Obamacare despite growing public opposition | http://tinyurl.com/ybzd2p7
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Comment By: Stand Like a Rock » Blog Archive » Top Stories September 22, 2009
September 22nd, 2009 at 10:43 am
[...] Fed Rejects Geithner Request for Study of Governance, Structure [...]