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Galileo Galilei
07-29-2010, 02:17 PM
Question - need help

Did the final version of the financial "reform" bill contain the partial audit of the $2.2 trillion in offbook transactions?

:confused:

Galileo Galilei
07-29-2010, 04:36 PM
does anybody know the answer to this question!

heavenlyboy34
07-29-2010, 04:41 PM
Not sure, sorry :(

Galileo Galilei
07-29-2010, 04:51 PM
Not sure, sorry :(

The Senate passed the partial audit 96-0. That's the last I heard of it.

tsai3904
07-29-2010, 05:31 PM
This is straight from the bill that was signed:

"The [GAO] shall conduct a onetime audit of all loans and other financial assistance provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act by the Board of Governors or a Federal reserve bank under:

- the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility,
- the Term Asset-Backed Securities Loan Facility,
- the Primary Dealer Credit Facility,
- the Commercial Paper Funding Facility,
- the Term Securities Lending Facility,
- the Term Auction Facility,
- Maiden Lane,
- Maiden Lane II,
- Maiden Lane III,
- the agency Mortgage-Backed Securities program,
- foreign currency liquidity swap lines, and
- any other program created as a result of section 13(3) of the Federal Reserve Act

The audit required by this subsection shall be commenced not later than 30 days after the date of enactment of this Act, and shall be completed not later than 12 months after that date of enactment.

free1
07-29-2010, 05:33 PM
You can audit them right now, it's pretty simple.

Remember all that money you saved for your kids and your retirement? They have it.

Galileo Galilei
07-29-2010, 05:43 PM
This is straight from the bill that was signed:

"The [GAO] shall conduct a onetime audit of all loans and other financial assistance provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act by the Board of Governors or a Federal reserve bank under:

- the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility,
- the Term Asset-Backed Securities Loan Facility,
- the Primary Dealer Credit Facility,
- the Commercial Paper Funding Facility,
- the Term Securities Lending Facility,
- the Term Auction Facility,
- Maiden Lane,
- Maiden Lane II,
- Maiden Lane III,
- the agency Mortgage-Backed Securities program,
- foreign currency liquidity swap lines, and
- any other program created as a result of section 13(3) of the Federal Reserve Act

The audit required by this subsection shall be commenced not later than 30 days after the date of enactment of this Act, and shall be completed not later than 12 months after that date of enactment.

This refers to the $2 trillion in offbook transactions that Fed officials would not answer in hearings, I hope?

If it is in there, that is huge. The audit was supposed to begin on December 1. If so, the results could be used by Ron and Rand Paul in 2011 to push for more legislation against the Fed. And Ron Paul could refer to the data in TV debates for president.

BenIsForRon
07-29-2010, 10:26 PM
Damn, I was about to make a thread asking the same question. The topic came up with some friends and I wasn't sure if it actually made it to the signed bill.

Let's hope this reveals some new info that spurs more interest in a full, periodic auditing system.

Galileo Galilei
07-30-2010, 12:07 PM
Damn, I was about to make a thread asking the same question. The topic came up with some friends and I wasn't sure if it actually made it to the signed bill.

Let's hope this reveals some new info that spurs more interest in a full, periodic auditing system.

This could be a grain of sand that starts the landslide.

JustinTime
07-30-2010, 01:48 PM
The very notion of a partial audit is laughable. The whole purpose of an audit to to account for everything, not part of it.

Galileo Galilei
07-31-2010, 02:02 PM
The very notion of a partial audit is laughable. The whole purpose of an audit to to account for everything, not part of it.

So you are against the audit then? Do you work for the Fed?