audit the federal reserve! (2009, tier, credit, purchase)

[floridasandy]

ron paul has introduced legislation to audit the federal reserve:

H.R. 1207: Federal Reserve Transparency Act of 2009 (GovTrack.us)

i urge everyone to contact their representatives and support this bill:

Contact Elected Officials: USA.gov

[floridasandy]

just an update:
when the head of AIG was testifying in congressional hearings he stated that even though the credit default swaps were trading at a discount (cents on the dollar), the federal reserve advised that they should pay 100 CENTS ON THE DOLLAR OF TAXPAYER MONEY for the credit default swaps, which is what happened.

[gwynedd1]

Originally Posted by floridasandy

ron paul has introduced legislation to audit the federal reserve:

H.R. 1207: Federal Reserve Transparency Act of 2009 (GovTrack.us)

i urge everyone to contact their representatives and support this bill:

Contact Elected Officials: USA.gov

Hi floridasandy,

Its certainly a good start. Still the bigger wad is the money creation the Federal Reserve System allows the banks. All of this needs to be dragged into the open.

[rubber_factory]

I wonder what the opposition to this bill is arguing?

It is Ron Paul, I mean, I assume there is opposition..

[floridasandy]

it is interesting how many representatives are supporting this bill, both republicans and democrats.

Senate-Passed Bill Would Bring Sunlight To Fed

The Federal Reserve has created three opaque companies called Maiden Lane I, Maiden Lane II and Maiden Lane III. The companies are holding toxic assets purchased by the Fed, though there's no way of knowing how those assets are performing, because Congress has no oversight authority.

On Thursday, a coalition of 61 liberal and libertarian organization called for that to change. Liberal groups OMB Watch and Public Citizen joined FreedomWorks and Campaign for Liberty, among others, in drafting a letter published in the Washington Times, pressing the issue of Fed secrecy.

"The Federal Reserve has created and dispersed trillions of dollars in response to our current financial crisis. Americans across the nation, regardless of their opinion on the bailouts, want to know where that money has gone and exactly how much has been spent," it reads.

[texdav]

Ro Paul is bascially just powerlesss since the election. His motions don't get on the floor at all;that is the way the house wroks.Going no where.Much different in the senate where they have debates.

[floridasandy]

his bill now has 162 co-sponsors (listed in the article). here is the format for how this bill proceeds and what people can do to help:

Audit the Federal Reserve (HR 1207) | Ron Paul .com

it is in the house committee and these are the representatives who need to be contacted now. if you see your state representatives listed please contact them to support this bill:


Chairman Barney Frank, MA

Republican Members

Rep. Michele Bachmann, MN [co-sponsor]
Rep. Spencer Bachus, AL [co-sponsor]
Rep. J. Gresham Barrett, SC [co-sponsor]
Rep. Judy Biggert, IL [co-sponsor]
Rep. John Campbell, CA [co-sponsor]
Rep. Michael N. Castle, DE [co-sponsor]
Rep. Scott Garrett, NJ [co-sponsor]
Rep. Jim Gerlach, PA [co-sponsor]
Rep. Jeb Hensarling, TX [co-sponsor]
Rep. Lynn Jenkins, KS [co-sponsor]
Rep. Walter B. Jones , NC [co-sponsor]
Rep. Peter King, NY
Rep. Leonard Lance, NJ [co-sponsor]
Rep. Christopher Lee, NY
Rep. Frank D. Lucas, OK [co-sponsor]
Rep. Donald A. Manzullo, IL [co-sponsor]
Rep. Kenny Marchant, TX [co-sponsor]
Rep. Thaddeus McCotter, MI [co-sponsor]
Rep. Kevin McCarthy, CA [co-sponsor]
Rep. Patrick T. McHenry, NC [co-sponsor]
Rep. Gary G. Miller, CA
Rep. Randy Neugebauer, TX [co-sponsor]
Rep. Shelley Moore Capito, WV [co-sponsor]
Rep. Ron Paul, TX [sponsor]
Rep. Erik Paulsen, MN [co-sponsor]
Rep. Bill Posey, FL [co-sponsor]
Rep. Tom Price, GA [co-sponsor]
Rep. Adam Putnam, FL [co-sponsor]
Rep. Edward R. Royce, CA

Democratic Members

Rep. Gary L. Ackerman, NY
Rep. John Adler, NJ [co-sponsor]
Rep. Joe Baca, CA
Rep. Melissa L. Bean, IL
Rep. Michael E. Capuano, MA
Rep. Andre Carson, IN
Rep. Travis Childers, MS
Rep. William Lacy Clay, MO
Rep. Emanuel Cleaver, MO
Rep. Joe Donnelly, IN
Rep. Steve Driehaus, OH
Rep. Keith Ellison, MN
Rep. Bill Foster, IL
Rep. Alan Grayson, FL [co-sponsor]
Rep. Al Green, TX
Rep. Luis V. Gutierrez, IL
Rep. Rubén Hinojosa, TX
Rep. Jim Himes, CT
Rep. Paul W. Hodes, NH
Rep. Paul E. Kanjorski, PA
Rep. Mary Jo Kilroy, OH
Rep. Ron Klein, FL
Rep. Suzanne Kosmas, FL
Rep. Stephen F. Lynch, MA
Rep. Dan Maffei, NY
Rep. Carolyn B. Maloney, NY
Rep. Carolyn McCarthy, NY
Rep. Gregory W. Meeks, NY
Rep. Brad Miller, NC
Rep. Walt Minnick, ID
Rep. Dennis Moore, KS
Rep. Gwen Moore, WI
Rep. Ed Perlmutter, CO
Rep. Gary Peters, MI
Rep. David Scott, GA
Rep. Brad Sherman, CA
Rep. Jackie Speier, CA
Rep. Nydia M. Velázquez, NY
Rep. Maxine Waters, CA
Rep. Melvin L. Watt, NC
Rep. Charles Wilson, OH

[svendthrift]

Handwritten Notes Show Fed Oversight Bill Neutered On Senate Floor

Legislation to give Congress greater oversight of the Federal Reserve was severely watered down on the Senate floor Wednesday in private negotiations between two powerful Republican senators.

Thanks to an overlooked document posted on the website of Sen. Charles Grassley of Iowa, the top ranking Republican on the Finance Committee, voters can virtually watch the water being dumped into the brew that Grassley had hoped to force the Fed to drink. (See the document at the bottom of this story.)

On page five of Grassley's amendment, he intends to give the Comptroller General of the Government Accountability Office power to audit "any action taken by the Board under...the third undesignated paragraph of section 13 of the Federal Reserve Act" -- which would be almost everything that it has done on an emergency basis to address the financial crisis, encompassing its massive expansion of opaque buying and lending.

Handwritten into the margins, however, is the amendment that watered it down: "with respect to a single and specific partnership or corporation." With that qualification, the Senate severely limited the scope of the oversight.

On the Senate floor, Grassley named the top Republican on the banking committee, Richard Shelby of Alabama, as the man pouring the water.


There is absolutely no reasonable argument for the Fed to not be audited. But the banksters won't like it, and they lean on the pols they have in their pocket.

[rubber_factory]

Originally Posted by svendthrift

There is absolutely no reasonable argument for the Fed to not be audited.

I don't know about you, but I can't agree, since I haven't actually heard any arguments yet.

[svendthrift]

Excellent point.