Washington, D.C. - Congressman Ron Paul's Federal Reserve Transparency Act, HR 1207, has reached and surpassed the level of 218 cosponsors in the House of Representatives, which means it is now cosponsored by a majority of the members.
The 218th cosponsor was Dennis Kucinich (OH-10), and the bill has since received its 222nd cosponsor. *(223 now)*
“The tremendous grass-roots and bipartisan support in Congress for HR 1207 is an indicator of how mainstream America is fed up with Fed secrecy,” said Congressman Paul. “I look forward to this issue receiving greater public exposure.”
Hearings on Federal Reserve transparency are expected within the next month, as part of the Financial Services Committee's series of hearings on regulatory reform.
To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.
Financial Rescue Nears GDP as Pledges Top $12.8 Trillion (Update1)
By Mark Pittman and Bob Ivry
March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008......
This should have started long ago, especially after the disappearance of M3 index publishing but with recklessness like this a bill that adds some transparency to the Fed is long overdue. Still a long way to go.
Capitalizt
pkcRAISTLIN
this will change absolutely nothing. it certainly wouldn't have prevented the fed's activities in the wake of the recession. its populist nonsense that will resonate with voters and have absolutely no effect on the role or decisions of the fed.
the only reason ron paul is obsessed with the fed is because he doesn't understand anything about economics. the fed is audited regularly and their minutes are published for all to see.
much ado about nothing, but i do enjoy watching the usual suspects popping in from time to time to parade their ignorance.
jerZ07002
quote:
Originally posted by pkcRAISTLIN
this will change absolutely nothing. it certainly wouldn't have prevented the fed's activities in the wake of the recession. its populist nonsense that will resonate with voters and have absolutely no effect on the role or decisions of the fed.
the only reason ron paul is obsessed with the fed is because he doesn't understand anything about economics. the fed is audited regularly and their minutes are published for all to see.
much ado about nothing, but i do enjoy watching the usual suspects popping in from time to time to parade their ignorance.
i agree - moreover, unlike other "parts" of the government (which we all know is only partial true because it is independent from the government) the fed actually makes money (34 billion in 2007). congress (and the legislative branch), on the other hand, costs about 4.3 billion a year to operate (the senate and the house each cost about 1 billion a year to operate).
The person in charge of investigating the fed's currently books has no clue of the losses they are taking from the various bailouts over the past 2 years, and doesn't want to disclose any of the recipients of **$9 TRILLION** in off-book "loans" they have made since last September..
I for one would like to know the names of those benefitting from all this money printing..
Transparency in and reduced secrecy in Washington. How can you oppose that pk?
jerZ07002
quote:
Originally posted by Capitalizt
The fed has never been properly audited pk.
This could be a beautiful thing for the markets if some of the they've been pulling comes to light (chaotic, but beautiful). ;)
The person in charge of investigating the fed's currently books has no clue of the losses they are taking from the various bailouts over the past 2 years, and doesn't want to disclose any of the recipients of **$9 TRILLION** in off-book "loans" they have made since last September..
I for one would like to know the names of those benefitting from all this money printing..
Transparency in and reduced secrecy in Washington. How can you oppose that pk?
sure - transparency is great, but when all is said and done it won't change anything.
that interviewer was obnoxious. how many times did the woman need to say she was still doing a review.
Capitalizt
pssh... I thought you'd know better jerz.. It's all smoke and mirrors with these people and always has been. Those names will never be released, nor will any other detailed records of the fed's dealings unless an audit is done. That's why this legislation is needed. Will it result in a change in government/fed policy? Unlikely..but at least the veil will be lifted slightly which will hopefully cause more people to take an interest in these issues.
Who the does the FED think they are handing out Trillions of dollars with out ever being ing audited.
Audit the ing out of the fuct up Federal Reserve from 2000-2009 and lets see where the all this ing money is ing going.
The Federal Reserve is like a giant credit union. All depositors ARE MEMBER SHAREHOLDERS. So, no , private MEMBER banks own shares of the Federal Reserve. They have to if they are to partake in business with the Fed, or just simply operate in some cases.
Lebezniatnikov
quote:
Originally posted by Capitalizt
with these people
Phrases like this confound me.
jerZ07002
quote:
Originally posted by Capitalizt
pssh... I thought you'd know better jerz.. It's all smoke and mirrors with these people and always has been. Those names will never be released, nor will any other detailed records of the fed's dealings unless an audit is done. That's why this legislation is needed. Will it result in a change in government/fed policy? Unlikely..but at least the veil will be lifted slightly which will hopefully cause more people to take an interest in these issues.
that wasn't the point. i hate when people say the same over and over again and expect different answers. clearly she wasn't going to say anything.
pkcRAISTLIN
quote:
Originally posted by we_R_DNA
Who the does the FED think they are handing out Trillions of dollars with out ever being ing audited.
whatever you say man
quote:
Periodic Reviews and Examinations
All Federal Reserve Banks and branches, like commercial depository institutions, are audited and examined regularly.
Internal audits are conducted by a permanent audit staff at each Reserve Bank. Each audit staff is headed by a general auditor who reports directly to the Bank's board of directors. In addition, a private CPA firm conducts an annual examination of each Reserve Bank and its branches on behalf of the Federal Reserve Board. External audits were instituted in recent years in place of annual examinations by the Board of Governors to ensure total independence in this process.
Operations at each Federal Reserve Bank also are subject to review by the Government Accountability Office (GAO), the audit arm of the U.S. Congress. However, GAO auditors are restricted by law from reviewing monetary policy operations and transactions carried out by the Federal Reserve on behalf of foreign central banks. This restriction was imposed by Congress to assure the independence of the Federal Reserve from political influence.
The Scope of Audits
The scope and frequency of audits are based on the specific risk factors inherent in each Bank's operations, including the nature of the activities it conducts, the prevailing level of controls surrounding these activities, and the quality and experience of the individuals assigned to the operation.
Internal audits at each Reserve Bank involve verification of assets, liabilities, and items held in custody. Auditors check both the physical presence of these items and the timely and accurate reporting of their movement. An evaluation of the adequacy of controls throughout the Bank and of compliance with prescribed procedures also is done. Audits are performed periodically in order to determine if the auditors' perceptions of prevailing risk levels and operating conditions since the last review remain valid. Periodic audits also help to determine whether previously identified problems and issues were adequately addressed and remedied, and to ascertain whether new problems or issues have emerged.
Although auditing procedures differ among the 12 Reserve Banks, their emphases are broadly similar. At the Federal Reserve Bank of New York, the audit staff reviews the cash, check, fiscal, electronic payments, and accounting areas, and all of the service and professional operations (which include legal, bank supervision and regulation, and research and statistics). It also audits centralized electronic data processing operations and automated systems under development. These audits consist of reviews of the Bank's data centers, with primary emphasis on environmental software products, including data base systems, operating systems, and data communications systems. Auditors evaluate the strength of internal controls and security of each software product, as well as the procedures and controls put in place by the organizational unit responsible for it. An auditor at the Buffalo Branch reviews activities there.
Audits of automated systems under development similarly concentrate on the adequacy of controls and security. These audits are intended to ensure that appropriate checks and balances are in place for each automated processing operation. Audit teams check the accuracy of records pertaining to transactions that flow through the system and certify that systems under development are fully and adequately tested before being placed into production.
Together with two other departments of the Bank, the audit staff controls activities in the Bank's gold vault, which stores about one-quarter of the world's official gold reserves. Auditors monitor all gold transactions, both deposits and withdrawals, and independently verify accounting records and balances pertaining to gold held in custody by the Bank.
im sure you could have found that out by yourself if you actually had a committment to finding out how the fed works, rather than beating your chest with nonsense talking points.
