It seems that every day we learn of some new horror in the financial reform bill currently before Congress. This is not surprising given that the Senate version of the bill, for example, is 1,566 pages long. Those who voted on it probably have no clue as to most of its contents, as was the case with such monstrosities as ObamaCare and the Patriot Act.
“Millions of Americans arrested for but not convicted of crimes will likely have their DNA forcibly extracted and added to a national database, according to a bill approved by the U.S. House of Representatives on Tuesday,” reports CNET.
Rep. Ron Paul (R-Texas) addressed his colleagues from the floor of the House on May 11, expressing his displeasure with the cave-in by Senator Bernie Sanders and other Senators over the proposal to audit the Federal Reserve, an issue that Rep. Paul has been championing for decades. On May 6, Sen. Sanders flip-flopped on his earlier commitment to sponsor an audit amendment identical to the one by Rep. Paul, which had passed in the House with broad, bipartisan support and 319 co-sponsors.
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.