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96-0: Fed Audit Passes Senate

The Giant Noodle

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This is WONDERFUL news!!!!

UPDATE - 12:10 p.m. - The amendment to open the Fed to a one-time audit of its lending between December 1, 2007 and the present passed 96-0.
* * * * *Judd Gregg (R-N.H.), the Federal Reserve's most outspoken defender, came out in support of an amendment by Sen. Bernie Sanders (I-Vt.) to force transparency on the Federal Reserve. Gregg's surprising support gives the amendment a major boost.

CONTINUED: 96-0: Fed Audit Passes Senate
 
Re: US Will Audit Federal Reserve!!!

I wonder what they will find.

even if they find nothing not already known - which is what i am expecting - it will be a worthwhile effort to reveal that the fed is not engaging in nefarious activity
 
Re: US Will Audit Federal Reserve!!!

Why "one-time" audit? Why not yearly?
 
Re: US Will Audit Federal Reserve!!!

Why "one-time" audit? Why not yearly?

I agree. It's OUR economy, not the Feds. They answer to US and have zero right not to be held accountable for EVERYTHING they do. If they have committed frauds or malfeasance, they should be jailed like any other criminals.
 
Re: US Will Audit Federal Reserve!!!

Oh but don't be fooled. This isn't Ron Paul's/Vetter's Amendment to audit the fed (which would be to look at EVERYTHING the Fed is doing and able to do). This is the weaker 'Sanders' Amendment which forces the Fed to release names of institutions that took loans of over $2Trillion during the peak of the crisis. Sander's was pressured to make Paul's/Vetter's amendment weaker by the Obama administration and the Fed and now he claims the reason he watered it down was because it wouldn't have otherwise passed (but as Dr. Paul pointed out, at least let it be voted on so we know who is refusing to truly audit the fed!).

My question is: What is the administration and the Fed so worried about congress and the general public finding out that they needed to step in and stop this full exposure amendment?? Our Congressmen are WEAK and, for their own political gain, refuse to step up to the plate. This amendment is a joke. Nothing will come of it, unfortunately.
 
Re: US Will Audit Federal Reserve!!!

Oh but don't be fooled. This isn't Ron Paul's/Vetter's Amendment to audit the fed (which would be to look at EVERYTHING the Fed is doing and able to do). This is the weaker 'Sanders' Amendment which forces the Fed to release names of institutions that took loans of over $2Trillion during the peak of the crisis. Sander's was pressured to make Paul's/Vetter's amendment weaker by the Obama administration and the Fed and now he claims the reason he watered it down was because it wouldn't have otherwise passed (but as Dr. Paul pointed out, at least let it be voted on so we know who is refusing to truly audit the fed!).

My question is: What is the administration and the Fed so worried about congress and the general public finding out that they needed to step in and stop this full exposure amendment?? Our Congressmen are WEAK and, for their own political gain, refuse to step up to the plate. This amendment is a joke. Nothing will come of it, unfortunately.

So to clarify - this amendment, despite its name, will not audit the Fed and all of its actions. Just a very small number of actions that the Fed told Congress ahead of time that they would be willing to share. It's all just a show for the voters.
 
Re: US Will Audit Federal Reserve!!!

So to clarify - this amendment, despite its name, will not audit the Fed and all of its actions. Just a very small number of actions that the Fed told Congress ahead of time that they would be willing to share. It's all just a show for the voters.

The Fed is already audited.
 
Re: US Will Audit Federal Reserve!!!

[GOOGLE][/GOOGLE]
The Fed is already audited.

We must define 'audit' differently if you believe this. Could you please go into slightly more detail as to how you think the Fed is audited and under what legislation and who is auditing? And if it is true that they are already audited, then why has Congress just passed an (in essence: fake...) amendment to audit the Fed if they are already audited? Congress argues dumb things, but they usually don't try to pass legislation that is already passed. So it seems you are simply mistaken.
 
Re: US Will Audit Federal Reserve!!!

[GOOGLE][/GOOGLE]

We must define 'audit' differently if you believe this. Could you please go into slightly more detail as to how you think the Fed is audited and under what legislation and who is auditing? And if it is true that they are already audited, then why has Congress just passed an (in essence: fake...) amendment to audit the Fed if they are already audited? Congress argues dumb things, but they usually don't try to pass legislation that is already passed. So it seems you are simply mistaken.

Please review the first thread on this topic as there is no need to repeat myself. And my definition of "audit" is simply the definition of audit. The Fed is audited and its statements are freakin' public. I even posted the damn audit (well, one of the 13. You can get the rest by using this great new site called Google). Mistaken? Please.
 
Re: US Will Audit Federal Reserve!!!

Congress needs to pass HR 1207 by Ron Paul.
 
Re: US Will Audit Federal Reserve!!!

congress needs to pass hr 1207 by ron paul.

yup!!!!!!!!!!!!!!!!!!!!!!

The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle and caused one financial bubble after another. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erode the value of the dollar.
 
Re: US Will Audit Federal Reserve!!!

Please review the first thread on this topic as there is no need to repeat myself. And my definition of "audit" is simply the definition of audit. The Fed is audited and its statements are freakin' public. I even posted the damn audit (well, one of the 13. You can get the rest by using this great new site called Google). Mistaken? Please.

oh wow. Your ignorance is sad. Please try to understand that only the statements it chooses to be public are "freaking public". But they choose what they release. They consistently choose to release OMO's and the Reserve requirements and the Fed Funds rate. But you don't seem to understand how much MORE power it has than that.

It was able to lend trillions of dollars to the private sector while literally refusing to tell Congress what and how it did it when Ben was asked. He simply stated that knowing that wasn't in Congress' 'best interest'. The current amendment corrects that, but only after the Fed and Obama is telling them that Congress is allowed to pass such legislation. But the Fed is also in complete control of lending the US dollar (as much as it wants) to international central banks as well as borrowing as much as it wants. And the Fed has refused on multiple occassions to be transparent about these issues which could truly destroy the developed economies at the end of the day.

Please WAKE UP! The Fed is not audited. It is not transparent. Just because they are willing to tell you those three actions everytime they meet doesn't mean that's all that they do. They are manipulating so much more in the world. I'm no conspiracy theorist, but when they refuse to let their accusers be proven otherwise, you have to start wondering whether or not it's true. What do they have to hide? The money that they are dilluting is backed by the US people and economy. So don't the US people and economy have the right to know exactly what their dollar is worth?

And all of that aside, even if the ONLY power the fed had were to manipulate interest rates, OMO's and Bank reserve requirements (which this is NOT the case), that's enough money manipulation to destroy our country. A fiat currency simply cannot work when it has infinite elasticity. We wouldn't be able to solve the debt problem with more debt without the Fed. The Fed is the root problem to all of our other problems. It allows for corruption. It allows for the US people to be taxed without Congress approval (through a weakening dollar). Why would anybody be against holding the Fed responsible??? You're line that it's statements are public is just inaccurate. It's public statements are public, yes, by definition. but you don't know what you don't know and they refuse to let you know. And for some reason, the Obama administration is backing them up and pressuring Congress not to push too hard. Why? It's our money! Push! or prepare to be voted out!
 
Re: US Will Audit Federal Reserve!!!

Why only 2007? Why not 1925 to the present?
 
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