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If the American People Knew the Banks Run the Fed...
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Alabama's Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, is on a campaign to let the American people know that the directors of the Federal Reserve regional banks are selected by the very banks that the Fed is supposed to regulate.

"It's an obvious conflict of interest," which reaches back to the 1913 act that created the Fed, he has been telling people in recent weeks (Bloomberg wire service on Oct. 14, Huffington Post Oct. 22). "It's basically a case where the banks are choosing or having a big voice in choosing their regulator.... That is not widely known to the American people. It will be," he told Huffington Post. "The more this is illuminated, when people see what it is, they will see because it goes right back to the failure of the Federal Reserve to be a first-class regulator, and the role they played in the debacle."

Shelby distinguished himself last February 6, by arguing for the creation of a new Pecora Commission, citing that commission's production of a detailed report exposing a wide range of abuses on Wall Street in the 1930s, by subpoenaing corporate records, and hearing testimony from the heads of Wall Street and industry, including from "J.P. Morgan himself," thus laying the groundwork for the passage of the Securities Acts and the creation of the Securities and Exchange Commission.

In his latest round of interviews, Sen. Shelby suggests that the 1913 act must be changed so as to strip the banks of their control over the Fed. He has given no details on his thinking, but he does report that Treasury Secretary Timothy Geitner doesn't like this talk. Sen. Jack Reed (D-R.I.), and even the craven, desperate-to-be-elected Sen. Christopher Dodd, however, told the media they like the idea.

The unconstitutional Federal Reserve, in fact, must be dissolved, and replaced by a Third National Bank, but public illumination of its role is a fine idea right now.

Source >  LPAC | Oct 24

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