November 28th, 2009
01:25 PM ET
4 years ago

Bernanke: Don't tamper with the Fed

Fed Chairman Ben Bernanke warns Congress in a new op-ed.
Fed Chairman Ben Bernanke warns Congress in a new op-ed.

NEW YORK (CNNMoney.com) – Federal Reserve Chairman Ben Bernanke, just days ahead of his confirmation hearing, is warning Congress that actions limiting the central bank's independence could prove detrimental to the causes of financial reform and economic recovery.

In an op-ed piece to be published in Sunday's Washington Post, Bernanke criticizes two moves aimed at limiting the Fed - a proposal in the Senate to strip the central bank of its bank regulatory powers and a House Financial Services Committee vote to audit monetary policy deliberations and actions.

"These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States," Bernanke wrote.

Bernanke says the congressional moves are a byproduct of the public frustration over the financial crisis and the government's response, especially the bailout of large banks.

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Filed under: Ben Bernanke
soundoff (9 Responses)
  1. Death Panel Sarah

    Sounds like he is just protecting his future windfall.

    November 28, 2009 01:44 pm at 1:44 pm |
  2. The View

    Get rid of banks and money altogether. We no longer need these
    slave masters of the American people. Only then will we be truly free.

    November 28, 2009 01:48 pm at 1:48 pm |
  3. Dean

    Mr Bernanke has done more to destroy the US dollar than any other person or group in our history. I am sure that some oversight by even our dimwitted members of congress could not do more damage.

    November 28, 2009 02:18 pm at 2:18 pm |
  4. cgillette369

    B ERNANKE: go back to academia and take Geithner and Summers with you.

    November 28, 2009 02:19 pm at 2:19 pm |
  5. ICARE

    He is truly, truly right! It's Congress that we need to get rid of not this institution. And we need to replace the people at this institutuion.

    You can create another private entity to oversee, but if this private entitiy doesnt have anyone to check it, it'll be Madoff, all over again.

    Step1: Replace people frequently
    Step 2: Make a few changes in the laws

    November 28, 2009 02:24 pm at 2:24 pm |
  6. Theresa

    I disagree with Bernanke but I also understand that he is only trying to keep his job and his influence. The way the Fed is set up is not the way it should be. We have become beholden to a private bank, but because it has the word Federal in it alot of people assume it is part of the Federal government. It is not!

    November 28, 2009 03:09 pm at 3:09 pm |
  7. Spirit of America

    What? The "Federal" Reserve doesn't want to be audited...like every other Federal agency? Why, I wonder what their reason could be for not wanting to be audited...could it be because they are a bunch of rich, greedy Foreign Bankers, who's interests are not aligned with the interests of the American public? Could it be that they are out to make money? Could it have something to do with the fact that the "Federal" Reserve was actually created to provide financial stability, and yet, we have had nothing but Housing Market and Stock Market bubbles every since then? Yeah, definitely leave the foreign bankers alone, to do whatever they want, we LOVE having all these financial bubbles the "Federal" Reserve is creating. In fact, we can't wait till the next one!!!

    November 28, 2009 03:13 pm at 3:13 pm |
  8. Henry Miller, Libertarian, Cary, NC

    Of course Bernanke is opposed to limiting his own powers! As my kids say, "Duh!" There's never been a bureaucrat in the entire thousands of years of the history of bureaucrats who willingly surrendered power–Bernanke's self-serving position doesn't mean a thing.

    November 28, 2009 03:20 pm at 3:20 pm |
  9. They call me "tater salad"

    Bernanke is just trying to cover his a$$ because he knows the people in this country would absolutely, come unglued if they were to find out about the Fed's secretive, monetary policies and self governing practices!!! Not to mention some of the people and countries that they do most of their business with..............There's a reason they want eveything they do to be kept a secret and want to continue to govern themselves with no oversight or accountability.........Think about it..........This isn't excactly rocket science people!!!!!!!!

    November 28, 2009 03:43 pm at 3:43 pm |