One aspect of the behemoth finance reform bill now being debated in the Senate that has not attracted any mainstream media attention is its limitations on congressional power over the Federal Reserve. In particular, the bill in its current form would overturn legislation, passed by the House late last year, that would give Congress the power and, indeed, the legal obligation, to audit the Fed.
When the Competitive Enterprise Institute (CEI) announced the conclusions of its annual “Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State” earlier this week, it came as no surprise to learn that the rules and regulations placed on the economy by illicit agencies of the "fourth branch of government" constitute an enormous burden that is largely uncounted.
There are from time to time political events that attract attention and controversy, only to fade into well-deserved obscurity. Who today can recall the storm and stress over the '90s-era debates over the presidential line item veto or the proposed Conference of the States, for example? The very latest in a very long line of forgettable Capitol Hill follies, the Dodd Finance Reform Bill, was unveiled this past weekend, a bill that deserves similarly to wind up in the dustbin of failed Grand Ideas.
On March 4 Senators John McCain (R-Ariz) and Joseph Lieberman (I-Conn.) introduced a bill entitled “The Enemy Belligerent Interrogation, Detention and Prosecution Act of 2010.” If you thought some of the legislation introduced and passed by Congress under Bush II was scary, then in the immortal words of Bachman and Turner you ain’t seen nothin’ yet.