Rep. Frank, it’s time to say sayonara

Mr. Frank, your display on the House floor this week speaks volumes on
the financial debacle that the world suffered four years ago. You were
emphatic that the Federal Reserve Board was above, beyond, and exempt
from oversight. In your arrogant display, you attempted to belittle Rep.
Ron Paul’s (R-Texas) legislation that called for auditing the Federal
Reserve.

We acknowledge that you have contributed to our nation’s well-being and have been extremely effective as a member of the House Financial Services Committee. We also acknowledge your many failures as a member of the committee. As of this writing, Secretary Geithner is appearing before your committee this week. We have also learned that Geithner was aware of the Libor (London Interbank Offered Rate) pricing shenanigans while at the Federal Reserve in New York, even though he claims that he was not in a position to do anything about it at the time. Libor is the benchmark interest rate for the world financial community and is the rate at which the world’s most preferred borrowers are able to borrow. If you borrow money, have a credit card, mortgage, car loan, etc. — you are affected by Libor. We all understand that most borrowing in the world is priced based on Libor.

{mosads}Mr. Frank, the financial community is not above the law or regulation. The financial meltdown of four years ago basically held no one accountable. The best explanation given was that this was merely an act of God and not a failure of man and his rules. No one was sent to jail and almost no one was admonished. This week, your continued shameful defense of not requiring an audit of the government agency that regulates our money supply, interest rates and way of life is given a pass. All government agencies have checks and balances, with the exception of the Federal Reserve.

Mr. Ranking Member, your past draconian laws have put layers of regulations, stipulations and requirements on businesses, and you still want to exempt the Fed?

The American people are wondering why you are still giving favors to the public sector while the economy is suffering at the private sector’s expense.

Barney Frank, it’s time to say sayonara, for the sake of the economy and the American people.