Read your article on the “FED RESERVE celebrating.” Here is what I have discovered recently about the “Dodd-Frank Wall Street Reform and Consumer Protection Act” that casts a new light on where the FED is headed.


This is my short analysis of the Consumer Protection law passed in July which is in violation of the Constitution, not to mention the obvious potential for illegal redistribution of our “wealth.” I invite your comments.

George J. Sharpley

gsharpley@nc.rr.com

Congress Has Created a ‘Shadow Bureau’

Here is the latest and most brazen of assaults on our Constitution, as well as a dramatic acceleration of the redistribution of our “wealth.” It has taken shape in only the last few months, but few have been able to discover it, because like most bills coming from Congress today, “we have to pass it to see what was in it.”

The bill was signed into law on July 21, 2010:

Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203 – 1375 pages) H. R. 4173

Here is the Summary from the Senate (16 pages).

Brief Summary of the Dodd-Frank Wall Street Reform and Consumer Protection Act


Because of this Law, all 435 seats in the House and some in the Senate could have been at risk in the elections. If taxpayers had discovered, prior to the elections, how they had been hoodwinked into believing that the “Dodd-Frank Wall Street Reform and Consumer Protection Act” would benefit them, and not the banks, and instead they discover it is just the opposite, they would have been furious. There are other Potential Unintended Consequences (Page 10 & Section 4) upon the economy, as well.


A thoughtful discussion of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” would have been a “game changer” of enormous proportions prior to the elections. It could have meant the potential replacement of all in Congress who voted for the bill. That is how big it could have been.


The Setup


In the Congressional Record, according to Barney Frank, Chairman of the House Finance Committee, passed “the ball” to Representative, Brad Miller* (NC) as the chief architect of the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” but because this bill contains severe changes in the Constitution, it must have had top-level clearance in the House and Senate, as well.


The Act created the “Consumer Financial Protection Bureau” (CFPB) that will move these seven (7) existing agencies under its umbrella and “out of the sunlight”:


· Department of Housing and Urban Development

· Office of the Comptroller of the Currency

· Office of Thrift Supervision

· Federal Deposit Insurance Corporation

· Federal Reserve

· National Credit Union Administration

· Federal Trade commission


The Act also creates a whole host of new Boards, Councils, and Offices** which will require many hundreds (to thousands) of lawyers and support personnel to explain the multitude of new Rules and Regulations (243) incorporated into the Law. (Page ii)


The Sting***


Congress included an unorthodox change in authoring this bill and it produced a serious re-write of the Constitution. The Constitution was re-structured in such a way that the Congress will never have to be bothered with the “pesky” job of authorizing a budget and exercising its duty of oversight for this Super Bureau.


The Bureau is arranged so that its governmental appointees shall never have to go to Congress ever again and “bother” Congress for its consent to the spending of taxpayers’ money. It will go another way—it will get funding from another source—directly from the internal budget of the Federal Reserve.


The Federal Reserve will fund the entire Bureau, which it will be a part of, with a “Dedicated budget paid by the Federal Reserve system.” (Page 2) Having its own funding source within the Bureau is an increditable and audacious concept in which fraud, deception, and miss-management of funds will find enormous opportunities.


Top-level members of both houses of Congress have enacted legislation that ignores a major requirement of our Constitution to wit: “All Bills for raising Revenue shall originate in the House of Representatives…”


Following Congress’ abrogation of its duty to seek an amendment to the Constitution, if such an amendment were necessary, Congress instead gave its authority for funding and oversight of the Bureau to unelected bankers in the Federal Reserve, which is now a part of the Super Bureau.


Those in Congress who voted for the “Dodd-Frank Wall Street Reform and Consumer Protection Act” violated their solemn Oath of Office;**** by changing the Constitution without due process of law; permitting unlimited, unchallenged funding by a constitutionally-unauthorized source; creating “circular budgeting” through a Bureau authorizing its own budget; allowing unchallenged limits on spending; giving budget approval authority to unelected bankers; allowing decisions to be covertly made; and legislatively stripping Congress of its fundamental funding and oversight authority.



Congress is committing organizational suicide by these actions that seriously injure our citizens and Country and destroy a large portion of our system of “checks and balances” between the Legislative and Executive branches of the federal government.


The CFP Bureau’s Director, the unvetted Elizabeth Warren, is alleged to be the personal and long-time friend of the President to whom she reports directly.

______________________________________________________________________________

* Congressional Record 111th Congress (2009-2010) WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2009 -- (House of Representatives - December 10, 2009 [Page: H14675 - GPO's PDF 3rd Column – bottom of page]

http://frwebgate.access.gpo.gov/cgi-bin/getpage.cgi?dbname=2009_rec...

** CFP Bureau

Creates: Council to identify and address systemic risks of large companies, products, and activities
Creates: Office of Financial Literacy
Creates: National Consumer complaint hotline
Creates: Orderly liquidation mechanism for FDIC
Creates: Vice-Chairman for Supervision in Federal Reserve
Creates: Office of Minority and Women Inclusion
Creates: Office of Housing Counseling
Creates: Office of Credit Ratings
Creates: Office of Federal Oversight on Insurance
Creates: An SEC Program for “whistleblowers” -earn up to 30% of funds recovered
Creates: Investment Advisory Committee to advise SEC.
Creates: Office of Investor Advocate in the SEC to help investors
Creates: An Ombudsman to handle complaints
Creates: Financial Stability oversight Council
(Treasury, Federal Reserve, SEC, CFTC, FDIC, FHFA, NCUA, CFPB, and insurance)

*** Actors in the Sting
Miller Dodd Frank Pelosi Reid

Rep. Brad Miller, Rep. Nancy Pelosi, Sen. Harry Reid, Sen. Chris Dodd, Rep. Barney Frank


Congressional representatives who voted on the:

“Dodd-Frank Wall Street Reform and Consumer Protection Act”

Senate Votes

House Votes

****Congressional Oath of Office

“I, ____, do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well faithfully discharge the duties of the office on which I am about to enter. So help me God.” –Office of the Clerk, U.S. House of Representatives