Part 2 of a Domestic Monetary Policy Subcommittee hearing that discussed both reform and abolition of the Federal Reserve System and examined six legislative proposals:
§ H.R. 245, To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment, introduced by Rep. Mike Pence;
§ H.R. 1094, Federal Reserve Board Abolition Act, introduced by Rep. Ron Paul;
§ H.R. 1401, Democratizing the Federal Reserve System Act of 2011, introduced by Rep. Marcy Kaptur;
§ H.R. 2990, National Emergency Employment Defense Act of 2011, introduced by Rep. Dennis Kucinich;
§ H.R. 3428, To amend the Federal Reserve Act to replace the Federal Open Market Committee members representing the Federal Reserve banks with additional members appointed by the President, and for other purposes, introduced by Rep. Barney Frank; and
§ H.R. 4180, Sound Dollar Act of 2012, introduced by Rep. Kevin Brady.
The hearing was held on Tuesday, May 8, 2012, at 10 a.m. in Room 2128 of the Rayburn House Office Building.
§ The Honorable Kevin Brady (R-TX)
§ The Honorable Barney Frank (D-MA)
§ Dr. Jeffrey M. Herbener, Chairman, Economics Department, Grove City College
§ Dr. Peter G. Klein, Associate Professor, Applied Social Sciences and Director, McQuinn Center for Entrepreneurial Leadership, University of Missouri
§ Dr. John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University and George P. Schultz Senior Fellow in Economics, Hoover Institution
§ Dr. James K. Galbraith, Lloyd M. Bentsen, Jr. Chair in Government/Business Relations, LBJ School of Public Affairs, University of Texas at Austin
§ Dr. Alice Rivlin, Senior Fellow, Economic Studies, The Brookings Institution, and former Vice Chair, Federal Reserve Board of Governors
"More and more people are beginning to understand just how destructive the Federal Reserve's monetary policy has been. I hope that this hearing will kickstart a serious discussion on the need to rein in the Fed. One hundred years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar's purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end." --Congressman Ron Paul
Part 1 available at http://www.youtube.com/watch?v=GXRaJR...