The Federal Reserve is not my issue. Audit it if you want, I’m with you. But it’s not something that drives me crazy or makes me passionate. But there is one issue that really gets me and the Fed has been at the center of it lately — crony capitalism.Barack Obama has nominated Jeremy Stein and Jerome Powell to the Federal Reserve Board of Governors for six years each. Senator David Vitter (R-LA — HAFA Score 85%) placed a hold on both men. They are creatures of Wall Street and, in the biggest red flag of the day, both Goldman Sachs and JP Morgan have been pressuring Senator Vitter to drop his hold.The issue here is bailouts. Mark Calabria notes the Federal Reserve has bailout powers, but it needs the support of five Federal Reserve governors. Stein and Powell are both in favor of the Federal Reserve continuing to bailout banks and other entities with little oversight.Harry Reid can bring these men to the floor any time he wants. The word in the Senate is that he is about to.Conservatives in the Senate and outside the Congress are deeply worried that Mitch McConnell will cut a deal with Reid to undercut David Vitter’s hold. We potentially could delay the appointments until after the November election if Mitch McConnell will side with David Vitter and Senate conservatives by objecting to Harry Reid’s cloture motion.Please call Senator McConnell’s office today and encourage him to stand with David Vitter and object to cloture on Jeremy Stein and Jerome Powell. His office number is (202) 224-2541. Then call your own Senator at (202) 224-3121 and tell them to oppose Stein and Powell.
Will Mitch McConnell Stand With Conservatives Against Obama & the Federal Reserve?
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