Did Barney Frank basically admit that America's monetary system is based on wishful thinking?

I see reading comprehension is not your strong suit. Although I disagree with the attempt to water down the bill, there is reams of empirical evidence that perception in fact does influence monetary policy as policymakers must take into account factors such as consumer and business outlooks on future monetary/inflationary movements. One can argue in fact that perceptions could also have the counter effect, driving down inflationary pressures as Fed transactions become more transparent (as the Paul bill calls for). That is what your argument should have been.