Audit the Federal Reserve
Searching the fountain of truth and knowledge, also known as the internet, I looked for possible reasons why we should not audit the Federal Reserve. One site, PublicEye.org , attempts to dismiss this as a myth since audits of the Federal Reserve have taken place by independent firms like Price Waterhouse and Coopers & Lybrand. Although it does mention the limitation of the audits, I don’t think the author understands that it is these limitations that are of concern. Per the law, 31 USCA.714, http://www4.law.cornell.edu/uscode/31/714.html, the GAO has these limitations:
(1) transactions for or with a foreign central bank, government of a foreign country, or non-private international financing organization;
(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, open market operations;
(3) transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items.
For the complete article go to the link below:
http://www.publiceye.org/conspire/flaherty/flaherty6.html
For more information on HR1207, the proposed legislation to expand the audit of the Federal Reserve, go to the link below:
http://www.dailypaul.com/node/92815
Update – S 604 – 23 Co-sponsors
SPONSOR: SANDERS, BERNARD (I – VT)
CO-SPONSORS
Sen DeMint, Jim [SC] – 6/11/2009
Sen Vitter, David [LA] – 6/16/2009
Sen Crapo, Mike [ID] – 6/25/2009
Sen Isakson, Johnny [GA] – 7/8/2009
Sen Chambliss, Saxby [GA] – 7/8/2009
Sen Brownback, Sam [KS] – 7/8/2009
Sen Inhofe, James M. [OK] – 7/9/2009
Sen Burr, Richard [NC] – 7/9/2009
Sen Feingold, Russell D. [WI] – 7/15/2009
Sen Lincoln, Blanche L. [AR] – 7/15/2009
Sen McCain, John [AZ] – 7/15/2009
Sen Bennett, Robert F. [UT] – 7/15/2009
Sen Barrasso, John [WY] – 7/15/2009
Sen Harkin, Tom [IA] – 7/20/2009
Sen Hutchison, Kay Bailey [TX] – 7/20/2009
Sen Cornyn, John [TX] – 7/20/2009
Sen Coburn, Tom [OK] – 7/20/2009
Sen Hatch, Orrin G. [UT] – 7/24/2009
Sen Graham, Lindsey [SC] – 7/24/2009
Sen Cardin, Benjamin L. [MD] – 7/28/2009
Sen Webb, Jim [VA] – 8/3/2009
Sen Grassley, Chuck [IA] – 8/3/2009
Sen Risch, James E. [ID] – 8/3/2009
“The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government — lest it come to dominate our lives and interests.”
– Patrick Henry
All, sorry for the poor management of posts to this site. I will do better.
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A definite great read.. <a href="http://wiki.hudson-ci.org/display/~bill-bartmann"
-Bill-Bartmann
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I don’t usually reply to posts but I will in this case, great info…I will add a backlink and bookmark your site. Keep up the good work!
Hey, I read a lot of blogs on a daily basis and for the most part, people lack substance but, I just wanted to make a quick comment to say GREAT blog!…..I”ll be checking in on a regularly now….Keep up the good work!
I‘m sure many of you are like me and one of the first things you do in the morning is head here and check out the new post. Along with seeing the new posts, I’m also always checking out the blog roll rss feed and watching them grow, or shrink sometimes. In one of my past …but all in all excellent site. Keep it up!
Just wanted to drop you a line to say, I enjoy reading your site. I thought about starting a blog myself but don’t have the time.
Oh well maybe one day….
The comments beg a question. Will you support HR1207 to audit the FED or not? Not Corker’s proposal to “almost” audit the FED. Where do you stand? Your friend, Rex
Rex, Absolutely! –DONN
Rex, Sorry I want to be sure I am not misunderstood. You asked would I support an audit of the Federal Reserve. My answer is Yes, Absolutely.
Donn
Rep. Tanner has not yet co-sponsored the bill. He hasn’t said “no” but I don’t think he’s gonna say “yes” unless he has to. I recently sent Sen. Corker an e-mail saying that since he has introduced a bill to “almost” audit the Fed, that I would “almost” vote for him in the next election. Thanks Donn!!
This brings to mind something my brother used to say…
Obviously it’s most likely inappropriate right this moment…
I happy reading your article. Thank you so much for provide great information.
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best regards, Greg
There are some very good issues raised here.
In general, I am not awfully keen on politics. however, on occasion we all have to take notice. Food for thought, thanks.
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I’m glad to hear the federal reserve is confident, apparently they don’t have to grocery shop, pump gas or look for a better job!
If anyone here truly feels fiat currency is worthless then feel free to give me all your money.
This is an interesting blog you have her but I can’t seem to find the RSS subscribe button.