The Senate Thursday night passed its long-awaited financial reform bill, another critical plank in President Obama’s New Deal-esque agenda to bring the private sector under more comprehensive and stifling control by the federal government and Federal Reserve. Touted as the biggest piece of financial reform since the Great Depression, the bill, crafted primarily by retiring Connecticut Senator Chris Dodd (D), faces only reconciliation with a similar bill passed by the House last December before being sent to the President for his signature.
Will the politicians in Washington succeed in freezing our economy to death under the pretext of saving us from a non-existent global warming crisis? With our national economy and the global economy in the worst recession since the Great Depression of the 1930s, common sense and sound economic policy argue in favor of lessening the regulatory and tax burdens on the struggling private sector.
Just before noon on Tuesday, May 11, the U.S. Senate agreed to a one-time audit of the Federal Reserve's emergency actions taken in response to the 2008 financial crisis. The approved audit, which Senator Bernie Sanders (I-Vt.) offered in an amendment to the larger financial regulatory reform legislation, is a much watered-down version of the earlier audit proposed by Sanders that mirrored the "Audit the Fed" legislation in the House sponsored by Rep. Ron Paul (R-Texas).