An Open Letter to Richard Fisher – A Little History, A Little Constitutional Fact

UPDATE: The Hill: Dallas Fed chief urges power shift at central bank
11 February 2015

6 February 2015 AD

Richard W. Fisher, President, Federal Reserve Bank of Dallas
Richard W. Fisher, President, Federal Reserve Bank of Dallas

Mr. Richard Fisher
President, Federal Reserve Bank of Dallas
2200 North Pearl Street
Dallas, TX 75201

Subject: The Hill article titled “Fed fires back at Rand Paul

Dear Richard,

May I call you Richard? I lift from subject news article your statement “Who in their right mind would ask the Congress of the United States — who can’t cobble together a fiscal policy — to assume control of monetary policy?

Point of order, Richard: It seems a lesson in basic Constitution is in order. Here are some features you undoubtedly have overlooked.

  • Article I, Section 1: all legislative authority is vested in the Congress. Not the president. Not the Fed.
  • Article I, Section 7: due to the fact “All Bills for raising Revenue shall originate in the House of Representatives”, the House has SOLE AUTHORITY for setting budgets. Not this sitting president. Not the Fed.
  • Article I, Section 8: all authority to levy and collect taxes, regulate commerce, borrow money and pay debts rests solely with Congress. Not this sitting president. Not the Fed. (There’s a bunch of other stuff over which Congress has sole authority, Richard.)
  • Article II lays out presidential duties and authorities. (I leave you to find some quiet time to read it for yourself.)
Click on the above image, Richard, to read the full text.
Click on the above image, Richard, to read the full text.

With respect to cobbling together a fiscal policy, the U.S. House has passed HUNDREDS of bills that rogue Senator Harry Reid prevented from going to the full senate for up or down votes, this at the behest of their master and de facto head of the Democrat Party.

If you have any questions about the Constitution or law, feel free to contact me via email Rockwall.Conservative@gmail.com I’m not a lawyer, but I play one on Facebook. With some success.

John White

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