Representative Melvin Luther Watt has revealed his hand and is undoubtedly on the side of the big banks and could care less about the American people and trillions of taxpayer money. In his Congressional capacity as the Chairman of the Subcommittee on Domestic Monetary Policy and Technology, he has single-handedly destroyed American's ability to eventually audit the Federal Reserve Bank by gutting Congressman Ron Paul's Audit the Fed Bill.
Representative Watt hails from the 12th District of North Carolina, which has been criticized as a "gerrymandered" district with a 64% black majority. The district was thrown out as unconstitutional in 1996 and has been redrawn several times. It has been described as "political pornography" and Supreme Court Justice Sandra Day O'Connor called it "bizarre." Watt's 12th District includes Charlotte, headquarters of Bank of America Corps.
In 2003 Watt vehemently opposed efforts by the administration and Congress to increase regulatory oversight of Fannie Mae (FNM) and Freddie Mac (FRE), saying "the process would weaken the bargaining power of poorer families and their ability to get affordable housing."
In 2004 Ralph Nader attended a meeting with the Congressional Black Caucus, where he alleges that Representative Watt twice uttered an "obscene racial epithet": towards him. It was alleged that Watt said: "You're just another arrogant white man - telling us what we can do - it's all about your ego - another f--king arrogant white man."
The Audit the Fed Bill with 308 co-sponsors has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks and monetary policy deliberations. Congressman Paul said "there's nothing left, it's been gutted. This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that."
Sounds like Representative Watt will be celebrating a VERY Merry Christmas indeed! Wonder what Santa will leave in his stocking? Hmm...
Disclosure: None
