These matters are complex, and Congress is still in the midst of considering how best to reform financial regulation. I am concerned, however, that a number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions. Notably, some leading proposals in the Senate would strip the Fed of all its bank regulatory powers. And a House committee recently voted to repeal a 1978 provision that was intended to protect monetary policy from short-term political influence. These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States.
(Read more from washingtonpost.com)
Here’s my translation:
“These matters are complex.” = SILENCE, SCUM! DO NOT QUESTION YOUR OVERLORDS!
“the legislative proposals . . . would significantly reduce the capacity of the Federal Reserve to perform its core functions.” = IF YOU SUCKERS KNEW WHAT WE WERE DOING, YOU’D NEVER STAND FOR IT.
“protect monetary policy from short-term political influence” = SECRECY
“the global consensus on the appropriate role of central banks” = the global ambitions of my friends in the banking cartel