Fed Is Finally Coming Into Trump's Sights...: - emailed by a reader

Finally, the Fed is in Trump’s sights.

In what may be a harbinger of major headaches to come for the Fed, a recent letter (Jan. 31) penned by Republican representative Patrick McHenry, Vice Chairman of the Financial Services Committee, has lashed out at Janet Yellen, telling the Fed chair in no uncertain terms that “despite the clear message delivered by President Donald Trump in prioritizing America’s interest in international negotiations, it appears that the Federal Reserve continues negotiating international regulatory standards for financial institutions among global bureaucrats in foreign lands without transparency, accountability, or the authority to do so.”

His assessment of this ongoing activity by the Fed: “This is unacceptable.”

McHenry’s emphasis is on “international forums” such as the Financial Stability Board, the Basel Committee on Banking and Supervision, and the International Association of Insurance Supervisors, and he notes that “continued participation” in these forums must be “predicated on achieving objectives set by the new Administration”, something which will “likely require a comprehensive review of past agreements that unfairly penalized the American financial system in areas as varied as bank capital, insurance, derivatives, systemic risk, and asset management.”
He then adds that “the secretive structures of these international forums must also be reevaluated” because when the deals were negotiated, “international standards were turned into domestic regulations that forced American firms of various sizes to substantially raise their capital requirements, leading to slower economic growth here in America.”

Here one may recall how the Fed secretly provided tens of billions in under the table “rescue loans” to foreign banks doing business in the US (and others) during the peak days of the 2008 financial crisis.
His conclusion, however, is what must worry the Fed the most, because as McHenry notes, “it is incumbent upon all regulators to support the U.S. economy, and scrutinize international agreements that are killing American jobs. Accordingly, the Federal Reserve must cease all attempts to negotiate binding standards burdening American business until President Trump has had an opportunity to nominate and appoint officials that prioritize America’s best interests.”

The implication: the current Fed officials do not prioritze America’s best interests, and are therefore expendable.

Expect a furious backlash by the political media and Wall Street, screaming that this is the first example of the Republican Congress and the new administration targeting Fed “independence”, which, as we have demonstrated over the past 8 years, exists only in ivory tower economists’ tutorials, and disappears the moment banks – either domestic or foreign – need a bailout, with the staggering political consequences such actions entail.
In short: it is about to get hot in the hallowed chambers of the Marriner Eccles building.

His full letter is below:
http://www.zerohedge.com/news/2017-02-02/unacceptable-congressman-slams-yellen-prioritizing-foreign-banks-over-domestic-inter

: While we have been hearing this for years, and years, and
: years and years.. all of the Dominos are now in place ..
: From Reader Kyle (Thank You)
: Today a former associate of George Soros told King World News
: that we are about to witness “absolute f*cking chaos”
: across the globe in a little over two months.
: Victor Sperandeo oversees over $3 billion, has been in the
: business 45 years, and has worked with famous individuals
: such as Leon Cooperman and George Soros. Below is what
: Sperandeo had to say.
: Victor Sperandeo: “What people are underestimating is the
: upcoming election in the Netherlands on March 15. A month
: later France is going to hold their election…
: A Lion Will Lead The Netherlands Out Of The EU
: Victor Sperandeo continues: “Greert Wilders, who is running to
: lead the Netherlands, is going to win that election. He was
: arrested for making the claim, in a nice way, that Muslims
: should stay in their own countries and not come to the
: Netherlands. So he is pissed off and so are many of the
: people in the Netherlands. And Wilders is going to win that
: election and get the Netherlands out of the EU.
: kwn-sperandeo-ii-232017A Lioness Will Lead France Out Of The
: EU
: And over in France, Le Pen is now in the lead and she is going
: to win and pull France out of the EU. The euro is going to
: go away and each country will go back to their own
: currencies. So what is going to happen in the aftermath of
: this, Eric, is complete chaos and world depression! The EU
: is toast and the whole world is going to feel the effects
: of the collapse of the EU. As an example, there will be
: extreme inflation in countries such as Italy.
: King World News – ALERT: Former Soros Associate Just Warned We
: Are About To Witness ‘Total F*cking Chaos’ Across The
: GlobeDeath Of The EU – “There Will Be Absolute F*cking
: Chaos”
: And what is going to happen to the U.S. stock market? People
: will stop buying U.S. stocks because the whole world is
: going to go into a depression. There will be absolute
: f*cking chaos starting on March 15 and nobody is talking
: about it. The populist movement, which are people who have
: been f*cked, are moving away from the globalist movement.
: And when 27 countries get their own printing presses back
: it will be chaos. I have been tempted to go 100 percent
: long gold. It’s such a slam dunk that the world is in
: trouble. The EU was built on France and Germany, so without
: France there is no EU. Gold will be in extreme demand when
: this unfolds and that is why the gold market is already
: firming up. Eric, I promise you there will be total chaos.”