New HR1207 information

[LittleLightShining]

Breaking news... Read this NOW!

If you guys have been following what I've been doing about HR1207 you know I have been as relentless as one can be in trying to get my Congressman to co-sponsor 1207. I spoke with his staffer this morning, again, and he reiterated to me that his concern was that the bill would reduce the authority of the Comptroller General to audit other banks. You and I know it's not true and now I have it right from the horse's mouth!

I called the GAO after that conversation and I learned a few things :D I'm so excited. This is big. Or could be if we make it big!

The gentleman I spoke with, and I'm not divulging names, said that the section of the code that would be stricken if 1207 is adopted guarantees the Federal Reserve that "the GAO will not do something untoward." It's an express guarantee that international financial endeavors and monetary policy will NOT ever be audited by the GAO.

This man, we'll call him Lou, said that he was still concerned that what we seek with 1207, transparency, will not be what we expect because the GAO is bound by restrictions on the information they collect. He then looked at the bill itself and said that though the information would be made available to "the Hill" it would not be public information.

Lou said that this bill would provide a "significant expansion of the Comptroller's authority in auditing monetary policy." That it does not, as Welch's staffer said restrict the Comptroller at all but would give the GAO more work.

He said that he wasn't sure if the GAO had an official position on the bill but he was going to go right over to Public Affairs and ask.

Edit... The GAO will not take a position on pending legislation. What I had hoped would be an effective action move has been quashed. *cries*

That said, all of the things I mentioned above were said and I will use them in future conversations with the staffer.

[surf]

bump. great work.

[Feenix566]

It shouldn't be a surprise that the GAO doesn't want to comment on the bill. That would be inapproproate, considering the bill will give them more power. It would be like the military publicly endorsing a bill to up its budget.

[LittleLightShining]

It shouldn't be a surprise that the GAO doesn't want to comment on the bill. That would be inapproproate, considering the bill will give them more power. It would be like the military publicly endorsing a bill to up its budget.I was really encouraged by the conversation, though. This is important information for those of us who have congresspeople who haven't yet signed on.

[Roxi]

this is great work LLS!! keep it up, and i might be calling on you for some advice soon to persuade boozeman to cosponsor too, ive been trying but so far can't get him to respond personally

[No1ButPaul08]

Here's the part of the US code that 1207 will change. The bold text will be removed if passed into law.



(a) In this section, “agency” means the Financial Institutions Examination Council, the Federal Reserve Board, Federal reserve banks, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.
(b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing. Audits of the Federal Reserve Board and Federal reserve banks may not include—
(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate 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, and 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 clauses (1)–(3) of this subsection.

And the bill adds this to the code


‘(e) Audit and Report of the Federal Reserve System-

‘(1) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.

‘(2) REPORT-

‘(A) REQUIRED- A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

‘(B) CONTENTS- The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.’.

[LittleLightShining]

this is great work LLS!! keep it up, and i might be calling on you for some advice soon to persuade boozeman to cosponsor too, ive been trying but so far can't get him to respond personallyI haven't gotten to talk to Welch yet but I have called his office so many times that the male aide that answers the phone and I know each other by voice. I was ranting on one of my daily calls and I asked him if there was a policy person I could talk to. MsDoodahs has done some investigative work and she found the name the day before I got him. You may want to contact her and see if she has a staffer's name in your rep's office.


Here's the part of the US code that 1207 will change. The bold text will be removed if passed into law.



And the bill adds this to the codeI know. That's why it's funny that Welch's staffer is presenting this straw man argument. Even the guy in the GAO said it would broaden the scope of the Comptroller's authority.

I swear Welch will sign this thing or I will run against him myself in 2010.

[Imperial]

He then looked at the bill itself and said that though the information would be made available to "the Hill" it would not be public information.

Couldn't they do like Gravel did with the Pentagon Papers and read it into the public record or am I wrong?

[LittleLightShining]

Couldn't they do like Gravel did with the Pentagon Papers and read it into the public record or am I wrong?I don't see why not.

[enjoiskaterguy]

Cool news from the GAO. Thanks for all your hard work.

[Slist]

I swear Welch will sign this thing or I will run against him myself in 2010.

Honestly? In that case I hope he is the only one not signing it :o

[LittleLightShining]

Honestly? In that case I hope he is the only one not signing it :o
Awww... thanks. But yes, I'm serious.

[torchbearer]

Please inform the congressional staffer, the next time you talk to them, that you called the comptroller's office and talked to "Lou". He told you the bill would expand their authority and give them more work to do. Ask him, what he believes is wrong with that and why would he "misrepresent" the facts in a previous phone call.




I know. That's why it's funny that Welch's staffer is presenting this straw man argument. Even the guy in the GAO said it would broaden the scope of the Comptroller's authority.

I swear Welch will sign this thing or I will run against him myself in 2010.

[LittleLightShining]

Please inform the congressional staffer, the next time you talk to them, that you called the comptroller's office and talked to "Lou". He told you the bill would expand their authority and give them more work to do. Ask him, what he believes is wrong with that and why would he "misrepresent" the facts in a previous phone call.Oh, I intend to.

[LittleLightShining]

I just got a whole half hour on the local conservative radio show to talk about HR 1207, debunk the policy guy's argument and take phone calls. Woohoo!

[Feenix566]

I just got a whole half hour on the local conservative radio show to talk about HR 1207, debunk the policy guy's argument and take phone calls. Woohoo!

Rock on!

[torchbearer]

woot!