Wednesday, June 1, 2011

Ron Paul to Put Fed Officials on the Hot Seat

This could get interesting.

In an interview with Fox Business, Rep. Ron Paul, chairman of the House Financial Services subcommittee on domestic monetary policy, said he wants to know, at a subcommittee hearing set for this afternoon, the “how much, when, where and why” from Fed officials when they testify about the emergency loans made during the financial crisis.

“We’re going to get to the bottom of what the Fed did during the big bailout a couple of years ago,” Paul said. “We have some precise questions. I imagine we won’t get all of them answered tomorrow because they’ll do a little bit of stonewalling, I’m sure.”

“If they don’t answer, they’ll hear from us,” he said. “We can use the subpoena power and say, ‘Look, you have to bring us the records.’ ”

“The most astounding thing we see in these documents is so much of it went to foreign banks—the whole system was bailing out foreign banks,” Paul said. “It’s a bit shocking on how big a deal this is and how much money was involved…The shenanigans are very international.”

Scott Alvarez, the Fed’s general counsel, and Thomas Baxter, general counsel of the Federal Reserve Bank of New York, are scheduled to testify at the hearing, which is titled “Federal Reserve Lending Disclosure: FOIA, Dodd-Frank, and the Data Dump.” The live webcast will be here. The hearing starts at 2:00 PM ET.



  1. wow! popcorn time.

    USA is hostage to Wall.St, Ron Paul will have to swallow the hard truth. I doubt he can reveal any of it.

    Its like one of those brand new politician (e.g Obama)...they claim/vouch, promise "change", but once they go to capitol-hill and get classified-info/hearings - they become part of the system.

  2. The hearing is postponed until 3:00pm due to votes on the House floor.

    If anyone is interested, here is the written testimony of the Fed officials at todays hearing.

  3. I get no audio at the link.

  4. I can't wait for the video clips...F the Fed.