Tuesday, May 4, 2010

Auditing the Fed-A Bipartisan Issue

Is this the first bipartisan issue to come up this year? I can't think of a time when I clicked a link to Huffpo and saw a huge pile of comments that I actually agree with in many cases. Many Liberals want to Audit the Fed. Many Conservatives want to Audit the Fed. Why are the White House, Wall Street and Bankers all against auditing the Federal Reserve? What information lurks in the plusses and minuses of those accounts? I want to know.

This amendment does not take away the "independence" of the Fed. It simply requires the GAO to conduct an independent audit of the Fed and requires the Fed to release the names of the recipients of more than $2 trillion in taxpayer-backed assistance during this latest economic crisis.

S. 3217 unacceptably increases the Fed's powers at a time when the American people are demanding answers as to what the Federal Reserve has been doing with the powers it currently possesses. It also strips out the strong audit language contained in the House's reform bill in favor of a watered-down approach that allows the Fed to continue operating in secret. Any true financial reform effort will start with requiring accountability from our nation's central bank.
More here.
Personally, I don't think making bank bailouts permanent is good legislation for America. But at the very least, we as Americans should be entitled to audit our own Federal Reserve.

I think we need to be especially careful right now. The level of chaos has ratcheted up several notches this past week. My Alinsky-radar is going off. What are they trying to sneak past us while we focus on the oil spill in the gulf of Mexico and the failed Islamist bombing of New York City.

Would it be worth passing the financial "reform" bill if it indeed audited the fed? Or is the bill too bad for America in the first place. Can we get another bill through about Auditing the Fed?


LL said...

Could any large business survive without an audited balance statement?

We have given a private corporation control over the nation's finances and we DON'T demand an independent audit? How absurd is that?

Sadly, everything the present Congress and barack hussein obama, their cheer leader/ring master, does these days must be viewed with a microscope because they do not have the nation's best interests at heart.

WoFat said...

Audit the Fed? Yeah, but also audit the MSM. How's them apples?

Chris W said...

I'm all for auditing the Fed but I'd rather abolish them instead.

Snarky Basterd said...

We can't pass this bill. If we do, you won't and I won't be allowed to "invest" in a neighbor's idea unless we make lots of money.

This is a sham bill on many fronts. I'm all for auditing the fed, after all Jefferson said (to paraphrase) banks controlling our currency essential makes us indentured servants. If we want to audit the fed, it needs to be done as a stand alone bill. This thing only helps the banks.

Teresa said...

We need to either audit the Fed or end the Fed.


I don't want to help the banks, but this is a necessary step toward abolishing the Federal Reserve system. We need the audit first.

If we refuse the bill because of what they have added to it, then they will add that to the next version. They will do anything to stop the audit of the Fed. Limiting the power of the Federal Reserve is more important than taking back Congress in November.

Soloman said...

Another Woodrow Wilson legacy that common sense people despise... imagine that.

Any financial 'reform' bill needs to wait until there is a Republican majority in at least one chamber - preferably in The House.

Until that time, we can not trust anything that comes from DC.

Of course even then we'll need to watch them like we've never watched them before (which is the ultimate lesson of the Barack Hussein regime), but we can at least figure if Republicans have more input and some control, a better bill will be written.

And I agree with the sentiment that an audit is a first step... but ultimately the Fed's gotta go.

They Say/We Say said...

Andrew Jackson, laying in his death bed; was interviewed by a reporter. The reporter, writing Jackson's biography asked Jackson, if there was anything he most wanted to be remembered for, what could that be.
Jackson's reply: The Man That Killed The Bank!