Texas Congressman Ron Paul has slammed Federal Reserve Chairman Ben Bernanke for his decision to skip Congressional Financial Services hearings in favor of secretive meetings with European central bankers.
The hearings, which took place yesterday, incorporated discussions on the TARP funds, the additional $350 billion being requested by the Treasury from Congress.
“At the very last minute, the chairman of the Federal Reserve Board, Bernanke has cancelled, as well as Sheila Bear, who is the chairwoman of the FDIC, she will not show up either.” Paul told viewers of his video blog on the Campaign for Liberty website.
“But here I find out that they have a much more important meeting,” the Congressman added with a degree of irony.
“They are going to Basel Switzerland to attend the meeting at the Bank of International Settlements, with other international bankers.” Paul explained.
The meetings in Basel, chaired by the European Central Bank president Jean-Claude Trichet, have been ongoing this week, yet very little details over what has been discussed have emerged in the media.
“But here it is, an emergency meeting for them to run off to Europe and talk about monetary policy and who knows what. One thing for sure is that the people will never hear. As a matter of fact the people in the Congress won’t hear either.” Paul asserted.
“Who knows what they are planning?” The Congressman said. “I will do my darndest to find out what really went on at these meetings that they are holding over in Switzerland right now with all the central bankers.”
“All we do know is that at the very last minute Congress meant nothing to them for them to meet their commitment.” Paul added, pointing out that the pair also skipped meetings with the Financial Services Committee last Wednesday.
The Congressman explained that there is now an ongoing debate, over what should be done with the remaining bailout money, that has completely overshadowed the core issue of why the taxpayer is being asked to give up the money in the first instance.