What is missing from the annual Fed audit?

[GeorgiaAvenger]

http://www.federalreserve.gov/publications/annual-report/default.htm

?

[sailingaway]

lol! Go to the act. All the 'except for' parts at the end are what are missing.

[Brian4Liberty]

lol! Go to the act. All the 'except for' parts at the end are what are missing.

There's your answer.

[GeorgiaAvenger]

lol! Go to the act. All the 'except for' parts at the end are what are missing.I don't follow.

[GeorgiaAvenger]

I am missing something. Are you talking about the Federal Reserve Act? The Transparency act? It must be an internet comprehension problem on my part.

[tsai3904]

From this thread:

http://www.ronpaulforums.com/showthread.php?377382-Help-Pass-Ron-Paul-s-Signature-Legislation-Audit-the-Fed


Why We Need a Full Audit

A one-time, limited Audit the Fed bill was passed in 2010 but it still prevented the Government Accountability Office (GAO) from conducting certain audits. The GAO is still prohibited from auditing:

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

Basically, the Fed is currently audited by outside agencies, BUT these are not thorough because they do not include audits of monetary policy decisions or agreements with foreign central banks and governments. Also, all of the Fed's emergency activities during the financial crisis up to July 21, 2010, were audited one time only and will not be audited again unless these bills pass.

[GeorgiaAvenger]

Thanks.

[Brian4Liberty]

I am missing something. Are you talking about the Federal Reserve Act? The Transparency act? It must be an internet comprehension problem on my part.

All of these acts would amend Title 31 SS 714 of the United States Code. That is the official Law related to auditing the Fed.

Feel free to read at this link:
http://www.law.cornell.edu/uscode/text/31/714