View Full Version : Senators unveil NEW "Audit the Fed" Bill!

Matt Collins
10-20-2009, 03:59 PM

A selection from the article:

Proponents of auditing the Federal Reserve have a new bill to support their cause. Sen. Jeff Merkley (D., Ore.) and Sen. Bob Corker (R., Tenn.) introduced legislation today to require the Government Accountability Office to audit several of the central bank’s emergency lending programs that were created during the financial crisis.

The two junior senators are joining a movement that has drawn more than two-thirds of the House and a third of the Senate. But their legislation, the Federal Reserve Accountability Act, is intended to sidestep criticism that auditing the central bank would hinder the Fed’s independence in conducting monetary policy. The bill directs the GAO — the investigative arm of Congress — to audit emergency lending programs that aren’t already subject to government audits. (Institution-specific lending programs, such as those tied to AIG and Bear Stearns, are already open to GAO review, as are programs conducted jointly with the Treasury Department.)

10-20-2009, 04:15 PM
Looks like their damage control. http://www.campaignforliberty.com/blog.php?view=26686

Matt Collins
10-20-2009, 04:31 PM
Looks like their damage control. [/URL][URL]http://www.campaignforliberty.com/blog.php?view=26686 (http://www.campaignforliberty.com/blog.php?view=26686)

From the CFL link:

Posted by Gary Howard (http://www.campaignforliberty.com/profile.php?member=Gary_Howard) on 10/20/09 4:26 PM
Last updated 10/20/09 4:06 PM

Federal Reserve Accountability Act An Unacceptable Compromise

Washington D.C. October 20, 2009 -Today, Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) introduced the Federal Reserve Accountability Act, an attempted compromise on the issue of transparency for America's secretive central bank. The bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, but would not allow Congress to review the Fed's inflation of the money supply or the its agreements with foreign central banks.

Legislation that would bring a full audit of the Fed, Congressman Ron Paul's H.R. 1207 and its Senate companion S. 604, has gained strong grassroots support and built tremendous pressure on banking special interests.
Opponents of Fed Transparency argue that a full audit of the Federal Reserve would damage the central bank's "independence" and allow Congress to dictate monetary policy.

"Claims that transparency at the Federal Reserve would leave Congress in charge of monetary policy are simply bogus," said Jesse Benton (http://www.campaignforliberty.com/user/Jesse_Benton), Senior Vice President of Campaign for Liberty. "There is absolutely no reason why The American People should not be able to review the minutes of the Federal Open Market Committee after a reasonable amount of time has passed."

"The Federal Reserve Accountability Act does not audit the monetary policy functions which have been responsible for our deteriorating dollar and so many of our current economic problems, and it is not an acceptable piece of legislation. Campaign for Liberty will continue to push for a full audit of the Fed."

The announcement of the new legislation comes after the number of cosponsors in the House of Representatives for H.R. 1207 recently climbed to 303, and S. 604 gained 30 senate cosponsors. Campaign for Liberty has been leading the grassroots effort on H.R .1207, getting it to its current point with 75% of Americans showing support for a thorough audit of the Federal Reserve.

10-20-2009, 04:48 PM



10-20-2009, 04:54 PM
"We need to send a couple of our best stooges in there to derail HR1207 before it gets in farther.
Are Corker and Merkely still on the payroll?"


"Well slip them a little something extra and put em to work."

Matt Collins
10-20-2009, 06:40 PM
Senator "Bailout Bob" Corker is about to get another blog from me.

10-21-2009, 10:44 AM
Senator "Bailout Bob" Corker is about to get another blog from me.

Them's fightin' words!

Matt Collins
10-21-2009, 12:09 PM
Them's fightin' words!

10-21-2009, 01:14 PM
I sent the following to my senators today:

Dear Senator [NAME],

I am writing as a concerned citizen of [STATE] to ask you to consider co-sponsoring S.604, the “Federal Reserve Sunshine Act of 2009.” While a lot of emphasis has been placed on the transparency of banks and insurance companies through regulation and oversight, the Federal Reserve is still exempt from a formal audit. The citizens of [STATE], whose tax dollars are on the line, deserve to know where money is coming from and going at all stages.

31USC§714 currently reads:

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.

In other words, the Federal Reserve is held to no accountability whatsoever! S.604 would eliminate these restrictions, allowing citizens to see the actions of the Fed and to demand accountability for the use of their tax dollars.

As you may be aware, the bill's House counterpart, H.R.1207, has garnered over 303 co-sponsors, ranging from all across the political spectrum. This is an issue that is not politically charged, but is rather an ethical measure to ensure a sound, accountable financial system.

Just Recently, Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) introduced "The Federal Reserve Accountability Act," an attempt to kill HR 1207/S 604 by passing a bill that prevents a full audit and full transparency from America's secretive central bank.

While language in this bill would permit a limited audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, it would not allow an audit to review the Fed's inflation of the money supply or its agreements with foreign central banks, among other shortcomings.

Additionally, the names of the institutions who received the funds would not be available until one year after each "emergency" program ended.

Please consider co-sponsoring and supporting S.604, and help bring real transparency to every facet of the use of our tax dollars. Thank you for your time.



10-21-2009, 01:17 PM
Bump. I just wrote my senators.

10-30-2009, 05:10 AM
I don't get how these people get away with the "independence" thing. If you are doing a public service, shouldn't the public know exactly how they're being served? Secrecy within the CIA makes sense, but what secrecy does the Fed need? And again, how does anybody get away with saying secrecy is needed? What if they were WAY of course, more so than even WE think? What if they were doing deals with the mafia and using money to buy loads of candy and diamonds for its employees? Is anybody doing even the least bit of critical thinking with this independence argument? :mad::mad:

Matt Collins
11-01-2009, 02:32 PM

Matt Collins
11-03-2009, 05:23 PM
This is even more interesting at this point in time.