President Trump has put the Federal Reserve on notice for violating the new administration’s America First policy, claiming the central bank has been operating illegally and ripping off Americans.
A warning letter, written by top Republicans and obtained by the Financial Times, accuses the Federal Reserve of burdening American businesses and workers with bad financial deals made with global central banks “without transparency, accountability, or the authority to do so”.
The Federal Reserve’s involvement in secret international banking forums dealing with financial regulation must cease and desist immediately, according to the letter.
“This is unacceptable,” the letter states. “Accordingly, the Federal Reserve must cease all attempts to negotiate binding standards burdening American businesses until President Trump has had an opportunity to nominate and appoint officials that prioritize America’s best interests.“
FT reports:
Ralph Hamers, chief executive of Dutch bank ING, told the Financial Times that he feared the US could pull back from a global agreement on banking regulation, which has been delayed because of divisions on the Basel Committee on Banking Supervision.
“We don’t know the position of the Americans any more,” Mr Hamers said. “That does mean further uncertainty and uncertainty is never good, it holds back investment and restricts economic growth.”
Mr Hamers was speaking after the emergence of a letter to Janet Yellen, the Fed chair, from Patrick McHenry, one of the top five Republicans in the House of Representatives.
The letter, dated January 31, warned that the US’s “continued participation” in international forums such as Basel, the Financial Stability Board and the International Association of Insurance Supervisors would depend on meeting the Trump administration’s objectives.
Mr McHenry added that such a step would probably involve “a comprehensive review of past agreements that unfairly penalised the American financial system in areas as varied as bank capital, insurance, derivatives, systemic risk and asset management”.
Republicans are also pushing legislation to restrict the Fed’s freedom of manoeuvre. During the election, Donald Trump accused Ms Yellen of keeping rates low at the behest of former president Barack Obama.
“This is a multi-pronged attack on the Fed’s independence,” said Diane Swonk of DS Economics.
In a further marked shift of approach from the Obama administration, Mr Trump is also due on Friday take his first steps towards undoing parts of the Dodd-Frank reformsthat reshaped US banking in the aftermath of the financial crisis.
Mr McHenry wrote: “Despite the clear message delivered by President Donald Trump in prioritising America’s interest in international negotiations, it appears that the Federal Reserve continues negotiating international regulatory standards for financial institutions among global bureaucrats in foreign lands.”
He said the Fed was doing so “without transparency, accountability, or the authority to do so”. He added: “This is unacceptable.”
Mr McHenry has clout because he is vice-chairman of the House financial services committee. But whether the White House agrees with him on the issue is yet to be seen.
Steven Mnuchin, Mr Trump’s designated Treasury secretary, is still awaiting confirmation by the full Senate.
Wayne Abernathy, a senior official at the American Bankers Association, a lobby group, welcomed Mr McHenry’s intervention. “This whole international process is far too opaque and needs more public scrutiny and visibility,” he said.
As examples of problematic Basel regulations, Mr Abernathy cited rules that penalise banks for having heavy exposure to mortgage debt collection businesses, and liquidity rules that do not recognise that Americans tend to see banks as havens in times during crises.
Mr McHenry wrote: “The Federal Reserve must cease all attempts to negotiate binding standards burdening American business until President Trump has an opportunity to nominate and appoint officials that prioritise America’s best interests.”
Ms Yellen has said she plans to serve out the rest of her term, which expires in 2018. The Fed said the central bank had received the letter and planned to respond.
http://yournewswire.com/trump-federal-reserve-americans/
5 comments:
Federal Reserve is a Globalist Institution of Criminals.
Partial Audit done by one branch of Congress, revealed over $16 trillion dollars was openly stolen from the USA and all its taxpayers to Bail Out numerous banks in Belgium, Germany and Romania. People were told by the media this was all untrue.
http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144
This has now been made public to the point most Americans are finally aware of it. All $16 trillion dollars which supposedly went back into the economy, went to instead Bail Out major corporations like McDonalds Corporation, Amscher Brauer, Bill and Melinda Gates Foundation, The Carnegie Foundation, Carlyle Group and also the official board of Lehman Brothers.
Why this should be equally outraging to most Americans is also not lost on anyone. These same institutions are the Globalist criminals who are in many cases tied directly to George Soros, and Americans were promised by the Federal Reserve's chair Hank Paulson that none of their money was being stolen for privave projects.
But now this has been revealed as a lie!
Thus a full Audit of the Federal Reserve should commence immediately, the stolen funds returned with full restitution.
https://www.paul.senate.gov/news/press/sen-rand-paul-reintroduces-audit-the-fed
The Fed be stripped of most of its powers after a FULL Audit of the Federal Reserve is enacted without delay. (then decide its fate)
"The fed needs to stop ripping off the citizens" yeah wow what an evil President we have? Holly shit idiots that are against TRUMP you have to be the most dumbed down group of total losers ive ever had the negative experience of living on this dumbed down world of d bags, that get their collective reality from the tv news,,,, You all deserve a boot to the head and a free copy of 1984!
Ron Paul has tried for years to get an audit of the Federal Reserve done, and every time the audit somehow is nixed. The fed reserve, a private corporation, is supposed to be bankrupt. WHY can't this fraudulent corporation be nixed in our nation since it has been robbing and defrauding the people ever since its inception? If the 'bad guys' are being arrested, one would think that alone would put this 'business' OUT of business. And, for pete sake, why on earth would our treasury accept ANY of the fed res former employees - no matter who they are - to work inside the Republic Treasury? Already TRAITORS Paul Ryan and Obama tried at least twice to rob the Treasury of the Republic of over $1 trillion! Got that? Over $1 trillion on 2 separate occasions, and the Republic is planning to install traitor and thief Paul Ryan as 'president' of the Republic? Folks, are you going to stand for that idiocy? Is the former path of idiocy that got our country in this mess in the first place going to continue now that our country has the chance to right side up the boat? Or, will the former methods continue and turn our nation's boat upside down once again? Geezzz - what the heck does it take to learn a lesson and not repeat it?
The 9:20 commentator is absolutely correct, there should be utterly no one from the old in the new US treasury. Cleaning it all out means cleaning it out. During the arrests, the Trumps should be holding it over everyone else's head -- Get these laws passed to free up our currency, backed by precious metals. Anyone who doesn't agree, you're fired. In that way everyone pushing for reform is correct.
http://phibetaiota.net/2016/11/robert-steele-the-accidental-president-will-he-resign-the-closed-system-is-still-rigged-and-likely-to-remain-so/
They're referring to the fact the entire public needs to see the Federal Reserve audited. They do, then they will understand what comes next.
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