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House Panel Approves Broad Auditing of Federal Reserve

Schweddy

Schweddy

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Finally, after more than two decades, Paul's bill has passed committee! That alone is news. With over 300 sponsors it is likely to pass the house. I actually learned a lot listening to this yesterday during progress. Barney Frank is such a douche.

Anyway, who can argue that we need to know what happens to OUR money for TARP and bailouts? Every other country in the world audits their own central bank with exception of Brazil.

When the FED is asked directly wtf is the money, they respond it is none of our business!
WASHINGTON -- A key House panel on Thursday approved an amendment offered by Rep. Ron Paul (R., Texas) to give federal watchdogs massive new authority to audit the Federal Reserve.

The approval came as the House Financial Services Committee concluded weeks of debate on a sweeping financial-overhaul bill to create a new council of regulators to wind down large institutions that pose a risk to the economy. A final committee vote on the bill will be postponed until after Thanksgiving.

Mr. Paul's amendment removes restrictions on the Government Accountability Office's auditing authority, giving auditors access to every item on the Fed's balance sheet. He for more than 20 years has championed significantly neutering the Fed.
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Read more here: House Panel Approves Broad Auditing of Federal Reserve - WSJ.com
 
I'm ambivalent about the bill. For everything we get in life there's something we give up. What we gain in accountability we lose in independence. Both are important. How do we balance them? Who do we trust to do the balancing?
 
Scarecrow Akhbar said:
Won't pass the Senate.
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Sadly true. But I think it should still be done. The People should know what the government is doing with our money. It's by our power they can print it, and we should get some better, more transparent feedback.
 
For those concerned about what it might do to the economy and thinking it could flubber the "independent" FED up - the results cannot be posted until 6 months after the audit(s).
 
The elites will try to block this anyway they can. I'd be surprised if it passes the senate. If it does, it will be in some watered down form that is only a half-measure. The six month thing itself is a half-measure. It's your money, you should have a right to know.
 
vauge said:
For those concerned about what it might do to the economy and thinking it could flubber the "independent" FED up - the results cannot be posted until 6 months after the audit(s).
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That takes away one of my large concerns. An audit of the fed should be strictly that, and not a political show. I would prefer a longer wait, but with even 6 months, I think I would support this.
 
vauge said:
For those concerned about what it might do to the economy and thinking it could flubber the "independent" FED up - the results cannot be posted until 6 months after the audit(s).
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Oh! Thanks. Well, never mind.:lol:
 
a few more details on the amendment to HR 3996:

Congressmen Ron Paul and Alan Grayson Announce Amendment Based on HR 1207 Passes in Financial Services Committee - American Banking News

Concerns were raised after highly supported HR 1207 was gutted by Mel Watts, who offered a version of the bill so different as to not to be taken seriously, in response, Congressmen Ron Paul and Alan Grayson added an amendment to HR 3996, which Paul says, if passed, “will grant sweeping new powers to the Federal Reserve, at least with this amendment attached, it won’t be acting in secret anymore. This is a major victory for Federal Reserve transparency and government accountability.” The amendment passed by a vote of 43-26.

According to a press release from Ron Paul, the amendment includes this:

· Removes the blanket restrictions on GAO audits of the Fed
· Allows audit of every item on the Fed’s balance sheet, all credit facilities, all securities purchase programs, etc.
· Retains limited audit exemption on unreleased transcripts and minutes
· Sets 180-day time lag before details of Fed’s market actions may be released
· States that nothing in the amendment shall be construed as interference in or dictation of monetary policy by Congress or the GAO

Paul has been battling the problems the Federal Reserve has caused in America for decades, and in his original HR 1207, he had 309 cosponsors from Congress supporting the bill called the Federal Reserve Transparency Act.

This is great news of course, but the forces against auditing the Fed are formidable, and won’t quit until it is made law or gotten rid of.

Of course the entirety of HR 3996 remains to be voted on now that it has passed committee, and you know what can happen there. Hopefully support will continue and at minimum we’ll be able, as Ron Paul says, follow the inner workings of the Federal Reserve, which would have to do things out in the open rather than behind closed doors liked they’ve done for so many years.
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[ame="http://www.youtube.com/watch?v=A9aT39Pw5KQ"]YouTube- Rep. Alan Grayson on Auditing the Fed[/ame]
 
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