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Do you Support the Audit the Fed Bill?

Do you support the Audit the Fed Bill

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It looks like the Audit the Fed Bill introduced by Rand Paul will be up for a vote in January. The bill would create a one time audit of the Fed by the Comptroller General to be completed within a year of the bill's enactment. It would also be required to include in the audit recommendations for legislative and administrative action toward the Fed. Paul claims that the Fed is operating in secrecy and that "The American people have a right to know exactly how Washington is spending their money."

On the other hand opponents of the bill like Republican chairman of the banking commitee Dick Shelby state that "Paul's proposal would politicize monetary policy," and that the Fed is already audited, which it is by a private firm. The current chair of the Federal Reserve Janet Yellen and previous heads Ben Bernanke and Alan Greenspan also oppose the bill. Yellen has also stated she believes that the bill would make it impossible for the Fed to curb inflation and would leave it subject to pressures from Congress to react to short term economic shocks.

So do you support the bill or not?
 
Yes it needs audited and the Fed needs ending completely.
 
PHP:
Unsure on this one. The bill itself seems to be more about "auditing" Fed monetary policy and meeting decisions vs. auditing what they hold (or have purchased via QE 1-3.) There is plenty I would like to see changed when it comes to Fed behavior but this does not really seem to be about that near as much as it is shifting decision power. Our concern is warranted then on Congress being able to have greater influence on monetary policy for their fiscal irresponsible intentions (i.e. cost of debt.)
 
As stated above, this sounds like a good idea by title, but it really looks like a Congressional grab.

Having Congress control monetary policy scares the hell out of me!

They can't even balance a budget!
 
OrphanSlug said:
PHP:
Unsure on this one. The bill itself seems to be more about "auditing" Fed monetary policy and meeting decisions vs. auditing what they hold (or have purchased via QE 1-3.) There is plenty I would like to see changed when it comes to Fed behavior but this does not really seem to be about that near as much as it is shifting decision power. Our concern is warranted then on Congress being able to have greater influence on monetary policy for their fiscal irresponsible intentions (i.e. cost of debt.)
Click to expand...

This is just my opinion, but I think the objection to the audit is because it draws attention to the actual fiscal situation of the Nation. Stability in our economic system is generated by CONFIDENCE in the Federal Reserve Notes and Federal Reserve collective assets. An audit is a reflection of lowered CONFIDENCE. Just like a con's Confidence Game, it is the one thing that can cause the wheels to fall off.
 
OrphanSlug said:
PHP:
Unsure on this one. The bill itself seems to be more about "auditing" Fed monetary policy and meeting decisions vs. auditing what they hold (or have purchased via QE 1-3.) There is plenty I would like to see changed when it comes to Fed behavior but this does not really seem to be about that near as much as it is shifting decision power. Our concern is warranted then on Congress being able to have greater influence on monetary policy for their fiscal irresponsible intentions (i.e. cost of debt.)
Click to expand...
Perhaps I may sway you, a bit:

Do you believe our current Congress is functional enough to determine the nation's monetary policy?

I will say no more ....
 
Anagram said:
It looks like the Audit the Fed Bill introduced by Rand Paul will be up for a vote in January. The bill would create a one time audit of the Fed by the Comptroller General to be completed within a year of the bill's enactment. It would also be required to include in the audit recommendations for legislative and administrative action toward the Fed. Paul claims that the Fed is operating in secrecy and that "The American people have a right to know exactly how Washington is spending their money."

On the other hand opponents of the bill like Republican chairman of the banking commitee Dick Shelby state that "Paul's proposal would politicize monetary policy," and that the Fed is already audited, which it is by a private firm. The current chair of the Federal Reserve Janet Yellen and previous heads Ben Bernanke and Alan Greenspan also oppose the bill. Yellen has also stated she believes that the bill would make it impossible for the Fed to curb inflation and would leave it subject to pressures from Congress to react to short term economic shocks.

So do you support the bill or not?
Click to expand...

Vehemently oppose it.
 
It is crazy that people that claim to support small government would oppose a measure to ensure we know how our money is being put to use.
 
I would love to end most of the secrecy going on in our government as well as the 1% who control it. I think the reason for most of the secrecy has little to do with national security but to cover up underhanded criminal actions by our government and the 1% that we the people would not approve of. I have a bad feeling we will never get to the actual numbers just like our debt and where/what our tax money is really spent on. When you cannot get within a trillion dollars of balancing your check book there is a lot of money going where it shouldn't. Plus the fed is directly tied to most other countries monetary systems which means the corruption is world wide. With so much money and power under the control of the 1% I do not think we will ever get to the truth nor do they believe we deserve to know the truth. They are still the ruling royalty who determine what the rest of us peasants need to know.
 
DaveFagan said:
This is just my opinion, but I think the objection to the audit is because it draws attention to the actual fiscal situation of the Nation. Stability in our economic system is generated by CONFIDENCE in the Federal Reserve Notes and Federal Reserve collective assets. An audit is a reflection of lowered CONFIDENCE. Just like a con's Confidence Game, it is the one thing that can cause the wheels to fall off.
Click to expand...

I'm stuck between concern over monetary value and fiscal situation vs. who gets to make these critical decisions. One of many reasons for the Fed in the first place (I say that but this Fed we have today is not the first iteration of the idea) was a separation of money controls from spending controls, when those two powers are merged you have the potential for huge problems, politicized policy, conflicts of interest, etc.

That said I am impressed more attention is not given to Debt held by the Fed, now up well over 500% just over this "recovery." While that basket of holdings is audited, others may not trust that valuation of them. Another issue for us is this audit effort by Congress does not touch that. At all.
 
Chomsky said:
Perhaps I may sway you, a bit:

Do you believe our current Congress is functional enough to determine the nation's monetary policy?

I will say no more ....
Click to expand...

I'll give you that, the last 7 Congresses (at least) have proven beyond any doubt that the last power they needed was monetary decision ability as well.
 
No

More millions in patronage appointments. Hearings to achieve...?

It would just be more politics.
 
Anagram said:
It looks like the Audit the Fed Bill introduced by Rand Paul will be up for a vote in January. The bill would create a one time audit of the Fed by the Comptroller General to be completed within a year of the bill's enactment. It would also be required to include in the audit recommendations for legislative and administrative action toward the Fed. Paul claims that the Fed is operating in secrecy and that "The American people have a right to know exactly how Washington is spending their money."

On the other hand opponents of the bill like Republican chairman of the banking commitee Dick Shelby state that "Paul's proposal would politicize monetary policy," and that the Fed is already audited, which it is by a private firm. The current chair of the Federal Reserve Janet Yellen and previous heads Ben Bernanke and Alan Greenspan also oppose the bill. Yellen has also stated she believes that the bill would make it impossible for the Fed to curb inflation and would leave it subject to pressures from Congress to react to short term economic shocks.

So do you support the bill or not?
Click to expand...

What we certainly do not want is for fed policy fall even more under political sway than it is. That does not mean that an examination of fed activity is inappropriate. It also does not mean that the fed should never be changed. The institution has performed well in rough times but has shown up problems in good ones.
 
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I support it on principle, but it will just be used for the same old partisan attacks and not really get at the root of what's wrong with this country.

Also, the scam of the Fed Reserve has had 100 years to create systems to hide its dirty laundry. Giving them a whole year to reveal their inner workings would just give them time to cover things up even more. It's not like they wouldn't have a contingency for this kind of thing.

Bottom line it won't change anything.
 
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