Michele Bachmann to Geithner and Bernanke: Where in the Constitution is this Power?

Bachmann: What provision in the Constitution could you point to, to give authority for the actions that have been taken by Treasury since March of 08?

Geithner: Oh, uh, the Congress legislated in the emergency economic stabilization act a range of very important new authorities..

Bachmann: Sir, in the Constitution. What in the Constitution could you point to, to give authority to the treasury for the extraordinary actions that have been taken.

Geithner: Every action that the treasury and the fed and the FDIC is....been using authority granted by this body...by the Congress.

Bachmann: And in the Constitution, what could you point to?

Geithner: Under the laws of the land, of course.

Bachmann: And if I could move to the federal reserve chair, if you could point to what provision in the Constitution that would give authority to the federal reserve - this has been over 10 trillion dollars that we're talking about.

Bernanke: I don't know where 10 trillion dollars comes from. The congress has the right to authorize funds, which is what they did in the TARP program, and they have given us in the 1930s...they gave the federal reserve the power for emergency lending as a means of addressing financial crises which is what we've done.

Bachmann: And to the federal reserve chair - Do you believe there are any limits on the authority that the Federal Reserve has taken since last March...of 08?

Bernanke: The loans we make have to be fully secured and collateralized. We have practical limits in terms of our ability to manage monetary policies. So there are obviously limits. We have reported extensively to the Congress on all the actions we have taken, and the actions we've taken have been solely and entirely for the purpose of protecting the American economy from the effects of financial collapse.

Category:

News & Politics

Tags:

• michele-bachmann
• bachmann
• geithner
• bernanke
• federal-reserve
• constitution
• 10th-amendment

[gmmay70]

When is Barney Frank goung to be sitting in that chair on the other side answering for his crimes?

[LookBetter4Ever]

Fuck You Barney Frank!

[miminetwork]

Oh my! Congressional hearing where did the bank bailout money go?

[avocet0001]

"I don't think that concern is justiffied" followed by

"I understand why people would be worried about this"?

I guess that covers everybody!

[BobMarley211]

this is like a 3 man (well two man one woman) steel cage match!!!!

[jm939]

Haha what an idiot

[AllKnowingCreator]

Barney got riled up he is in their pocket.

[mitchthemich]

she is a tea-partyBITCH...

[JetRisley]

ARTICLE #1 LOL Bachmann is a complete idiot and a national embarrassment.

[braddyboy82]

Who gave this chick access to a microphone??!!!

[curlew0609]

@timothe1967 "This woman" is an idiot. She asks about what in the Constitution justifies the Federal reserve. Congress granted the authority to the Fed, so Congress needs to figure out its own Constitutional grounds for dong so. She didn't know that no authority had been given by Congress to deal with AIG as she wanted it dealt with. If you look into other questions from her, you realize she has no more clue what she's talking about than she did with the Constitution/Fed question.