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Critical Vote on the Fed Possible Today

By John Tate

Senator Harry Reid has filed for cloture to end debate on the Dodd Fed Empowerment Act, and the vote could come as soon as 2pm eastern today.

A cloture motion requires 60 votes to pass. Don’t let any of your senators tell you otherwise; a vote for cloture is a vote FOR the Dodd bill and to increase the Federal Reserve’s powers.

Reports are indicating that as many as four or five Republicans could cross over to support Dodd’s legislation.

Keep reading to get contact information for your senators.

The bill would create a new Bureau of Consumer Financial Protection to be housed in the Fed and would allow the government to break up almost any company based on nothing more than the government’s word that it could possibly negatively affect the economy.

As the Competitive Enterprise Institute’s John Berlau reports in an exclusive C4L Featured Article today, “A company can be in danger of default if “the assets of the financial company are, or are likely to be, less than its obligations to creditors and others; or the financial company is, or is likely to be, unable to pay its obligations [emphasis added].” The word “likely” itself is never defined, so it’s up to the Treasury Secretary and Federal Reserve to make that determination.”

Contact your senators and urge them to oppose Dodd’s Fed Empowerment Act. Make sure they know you want real reform, which starts with holding a standalone, up or down vote on the thorough Fed audit contained in S. 604.

Before Congress considers granting the Fed new authority, it must find out what the Fed is doing with the powers it currently possesses.

Inform your senators you will hold them accountable for any vote, including cloture, taken on the Dodd bill, and that you will be sure to let your fellow constituents know about their actions.

Show Harry Reid and the Senate leadership that you will not stop fighting for true reform and against greater government intervention.

Contact your senators right away!

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