Plan to audit Federal Reserve appears poised to clear Senate

[kpete]

Source: Raw Story

Plan to audit Federal Reserve appears poised to clear Senate

By The Associated Press
Thursday, May 6th, 2010 -- 7:57 pm


RELATED: Congressman Ron Paul (R-TX), founder of 'Audit the Fed' movement, insists amendment allows Fed to keep its secrets

Following last-minute adjustments, a proposal to audit the Federal Reserve that the Obama administration once opposed was on the verge of passing the Senate as it attracted broad support from conservatives and liberals alike.

The administration withdrew its objections to the proposal Thursday, saying it was satisfied that the audit would not interfere with the Fed's authority to set monetary policy.

The one-time audit would focus on the Fed's emergency lending to financial institutions in the months leading up to and after the 2008 financial crisis. At its peak, at the end of 2008, the Fed's lending totaled $1.16 trillion.

The Fed has become one of the targets of public anger in the aftermath of the financial crisis, blamed for not seeing the meltdown coming and for having what some perceive as too cozy a relationship with the nation's largest institutions. The audit measure, proposed by Vermont independent Bernie Sanders, has populist support from across the political spectrum, from tea party activists to liberals and labor organizations.

Read more: http://rawstory.com/rs/2010/0506/plan-audit-federal-reserve-attracts-bipartisan-majority-senate/

[tbyg52]

1. Good.

I'd like to know what they're hiding, even if the market does tank. (It would take a lot out of my little pittance, and it would be worth it.)

[MindandSoul]

2. Sounds like a fair deal! Hope it passes!

[bemildred]

3. So does the Fed keep any records that are worth auditing?

Or do they just make it up as they go along?

[RandomThoughts]

4. Enforcement is part of law. So we will have to see.

"We are confident that the revised amendment proposed by Senator Sanders strikes the appropriate balance: providing full transparency of lending programs while protecting the bedrock principle of central bank independence on monetary policy that has served our nation so well," Wolin said in a statement.

This statement in the article is not that reassuring, so it might be trying to create antagonism, also the picture of the guy smiling with middle finger adds to that also.

So I would guess the story is meant to irritate, which follows pattern done in health care, where they would pull back on legislation to see who still objects, and to get people to object.

It is an article meant to upset people that want accountability and transparency.


For me, I don't get upset, and just know it will work or it will fail, and just figure people will figure out how to get it done right.

LOL, could go either way. :D


I thought Senator Sanders speech was great, and lack of transparency and audit can only be argued if something is being done wrong that people would not want to hear, and if even congress does not know what is done, then it is not a representative form of government, and off we go with rules applied back again.

There is a problem that if only part of the fed is investigated, it is possible to shuffle things to create illusion.

Also if the fed is not transparent, then powers added in other parts of the bill to the fed, even if to regulate, could be used for other purposes.

But it is their option to go short or long :D

[RandomThoughts]

7. My reply was probably a reaction to the finger in that photo.

I actually believe the elected officials will get it right, I think my post above is probably wrong based on the reaction to the article, not the topic. Or at least posted with the wrong thoughts in mind. I think it is probably a personal reaction to the taunting in the article.

In thought I think the Representatives and Executive branch are elected to make those decisions, and I think they are mostly good, so they probably thought of problems and are finding best ways.

And after hearing Senator Sanders speech, if he thinks it is a good compromise, it probably is.


Although I disagree with one time audit, I do know it is the elected officials decisions to make the laws. If it is just the best they think they can get, they could push for more.


Hard to think on, because it actually is so simple.

There has to be accountability and transparency, but methods could have many approaches, as long as it is not another scam to hide what is going on from society.

:shrug:

[Owl]

5. Why only a one-time audit? This should be recurring.

[kelly1mm]

6. It is a one-time audit because it it focused on the bailouts only.

It is not a true audit that would show the american people who the Fed actually is (privately owned banks) or how it is financed.

It is a good start though.

[Ter]

8. Instead of Audit the Fed...

How about Abolish the Fed?

[bamacrat]

9. While probably a good idea, I hate to see any Ron Paul idea happen.

It makes all his crazy ass supporters think he is god. One of my good friends is a Paulian and actually drove to Minnesota a few years ago from Alabama to see him at the Libertarian Convention or something like that. He acts like he knows so much about politics because he follows Ron Paul and chants: Audit the Fed. Ron Paul is a tool. He claims to have never voted for an earmark which is true but he made sure there were tons in legislation he sponsored then votes against said legislation. Douche.