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Thread: Senate votes 96-0 to audit Fed

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    Senate votes 96-0 to audit Fed

    WASHINGTON The Senate voted 96 to 0 Tuesday to open the secretive Federal Reserve Board's emergency lending practices to a congressional audit, as well as require a detailed disclosure of who's getting the funds.
    "We are on the verge of lifting the veil of secrecy on perhaps the most important government agency in the United States of America, said amendment sponsor Sen. Bernard Sanders, Ind.-Vt., "an agency which has control and spends trillions of dollars. They do it behind closed doors."


    And now, I would like to thank someone who has been proposing to audit the Fed for more than 20 years, and who never wavered from this proposal, which he repeatedly introduced into the House. Once called "crazy", this proposal is now passed by a unanimous vote in the Senate.

    Thank you, Ron Paul.

    Article is here.

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    Re: Senate votes 96-0 to audit Fed

    Very suprised it got passed
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    Re: Senate votes 96-0 to audit Fed

    Of course the Fed is already audited, but OK. I don't think allowing Congress the ability to do it really matters much. I mean I'm cool with it and all, but what are they going to find that no one else has?
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    Re: Senate votes 96-0 to audit Fed

    Quote Originally Posted by stekim View Post
    Of course the Fed is already audited, but OK. I don't think allowing Congress the ability to do it really matters much.
    Yea right. The Fed's balance sheet will be a matter of public record now; that's absolutely amazing and unprecedented.

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    Re: Senate votes 96-0 to audit Fed

    Quote Originally Posted by 1984 View Post
    Yea right. The Fed's balance sheet will be a matter of public record now; that's absolutely amazing and unprecedented.

    Dude, it already is! Honest. I work in the biz. The Fed is audited and its statements are public. Really.
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    Re: Senate votes 96-0 to audit Fed

    Quote Originally Posted by stekim View Post
    Dude, it already is! Honest. I work in the biz. The Fed is audited and its statements are public. Really.
    On the surface it is already audited, but the closed door bailouts are not, and many other items are not either. The American public deserves to see a paper trail here of EXACTLY where their money went.
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    Re: Senate votes 96-0 to audit Fed

    Quote Originally Posted by danarhea View Post
    On the surface it is already audited, but the closed door bailouts are not, and many other items are not either. The American public deserves to see a paper trail here of EXACTLY where their money went.

    Like I said, I'm fine with it. But it's not really as secretive as Ron Paul thinks it is. The financial statements are currently subject to several levels of audit. They are audited by an outside accounting firm (Deloitte and Touche). The Office of Inspector General also conducts audits. And the Fed is subject to review by the Government Accountability Office. In other words, Ron Paul isn't that clever. Congress isn't going to find anything. But audit away.
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    Re: Senate votes 96-0 to audit Fed

    Quote Originally Posted by stekim View Post
    Like I said, I'm fine with it. But it's not really as secretive as Ron Paul thinks it is. The financial statements are currently subject to several levels of audit. They are audited by an outside accounting firm (Deloitte and Touche). The Office of Inspector General also conducts audits. And the Fed is subject to review by the Government Accountability Office. In other words, Ron Paul isn't that clever. Congress isn't going to find anything. But audit away.
    For my own curiosity, could you please provide the relevant statutes that deal with these specific audits?

    Also, here is a good analysis of the modified bill for anyone who is interested.

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    Re: Senate votes 96-0 to audit Fed

    Quote Originally Posted by 1984 View Post
    For my own curiosity, could you please provide the relevant statutes that deal with these specific audits?

    Also, here is a good analysis of the modified bill for anyone who is interested.
    How about I just link you to the last audit of the Board of Governors? (The 2009 audit is not ready yet.) You can also get the audits of each of the Federal Reserve Banks.

    http://www.federalreserve.gov/boardd...pdf/audits.pdf
    Last edited by stekim; 05-11-10 at 03:25 PM.
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    Re: Senate votes 96-0 to audit Fed

    Quote Originally Posted by danarhea View Post
    And now, I would like to thank someone who has been proposing to audit the Fed for more than 20 years, and who never wavered from this proposal, which he repeatedly introduced into the House. Once called "crazy", this proposal is now passed by a unanimous vote in the Senate.

    Thank you, Ron Paul.

    Article is here.

    [/COLOR][/LEFT]
    The Federal government...a body that has put the US some 13.5 trillion dollars in debt due to deficit spending...is now going to investigate and be critical of 'the fed'. Thats ALMOST as laughable as the federal government questioning big banking's business practices.

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