Bank Chairman Describes Fed's Strong-Arm Tactics
John Allison, chairman of BB&T (Branch Banking & Trust, rated #260 on the Fortune 500 list) describes the strong-arm tactics of Ben Bernanke (Chairman of the Federal Reserve System), which forced the reluctant bank to take TARP money. The move cost the bank $250 million and its chairman obviously feels ripped off.
A majority of the House of Representatives (317 out of 435 Representatives) are co-sponsoring a bill calling for the auditing of the Federal Reserve for the first time since its establishment in 1913. They include Hawaii's Neil Abercrombie (D) and Mazie Hirono (D).
Only 31 of the nation's 100 Senators have similarly co-sponsored a Senate version of the bill. Senators Daniel Inouye (D) and Daniel Akaka (D) are not among them. Senator Akaka is on the Senate Banking Committee and is especially important, while Senator Inouye is up for reelection this year.
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