tsai3904
07-26-2012, 03:59 PM
Auditing monetary policy decisions is the one issue Fed defenders have been using to oppose auditing the Fed.
Here are some previous legislation in Congress dealing with auditing monetary policy.
102nd Congress
H.R. 1130
Federal Reserve Reform Act of 1991
Part of bill's text:
SEC. 5. AUDIT OF FINANCIAL TRANSACTIONS BY COMPTROLLER GENERAL.
Section 714(b) of title 31, United States Code (relating to audits by the Comptroller General), is amended--
(1) in paragraph (1), by inserting `or' at the end;
(2) by striking paragraphs (2) and (3); and
(3) by amending paragraph (4) to read as follows:
`(2) memoranda, letters, or other written communications between or among members of the Board of Governors of the Federal Reserve System or officers or employees of the Federal Reserve System relating to any transaction described in paragraph (1).'.
The bolded part above would allow the GAO to audit monetary policy decisions.
NOTABLE COSPONSORS:
Rep Boxer, Barbara [CA-6] - 4/24/1991
Rep Frank, Barney [MA-4] - 4/9/1991
Rep Johnson, Tim [SD] - 6/26/1991 ------> Current Chairman of Senate Banking Committee
Rep Pelosi, Nancy [CA-5] - 4/28/1992
103rd Congress
S. 212
Federal Reserve Reform Act of 1993
The bill's text includes the exact same language in the bill above.
NOTABLE COSPONSORS:
Sen Conrad, Kent [ND] - 3/11/1993
Sen Reid, Harry [NV] - 7/20/1993 ------> Current Senate Majority Leader
What is Section 714(b) paragraph (2) of title 31, United State Code?
31 USC § 714 (b) (2) (http://www.law.cornell.edu/uscode/text/31/714)
Audits of the Board and Federal reserve banks may not include—
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
Ron Paul's H.R. 459 and Rand Paul's S. 202 would also eliminate the restriction above and allow the GAO to audit monetary policy decisions.
Here are some previous legislation in Congress dealing with auditing monetary policy.
102nd Congress
H.R. 1130
Federal Reserve Reform Act of 1991
Part of bill's text:
SEC. 5. AUDIT OF FINANCIAL TRANSACTIONS BY COMPTROLLER GENERAL.
Section 714(b) of title 31, United States Code (relating to audits by the Comptroller General), is amended--
(1) in paragraph (1), by inserting `or' at the end;
(2) by striking paragraphs (2) and (3); and
(3) by amending paragraph (4) to read as follows:
`(2) memoranda, letters, or other written communications between or among members of the Board of Governors of the Federal Reserve System or officers or employees of the Federal Reserve System relating to any transaction described in paragraph (1).'.
The bolded part above would allow the GAO to audit monetary policy decisions.
NOTABLE COSPONSORS:
Rep Boxer, Barbara [CA-6] - 4/24/1991
Rep Frank, Barney [MA-4] - 4/9/1991
Rep Johnson, Tim [SD] - 6/26/1991 ------> Current Chairman of Senate Banking Committee
Rep Pelosi, Nancy [CA-5] - 4/28/1992
103rd Congress
S. 212
Federal Reserve Reform Act of 1993
The bill's text includes the exact same language in the bill above.
NOTABLE COSPONSORS:
Sen Conrad, Kent [ND] - 3/11/1993
Sen Reid, Harry [NV] - 7/20/1993 ------> Current Senate Majority Leader
What is Section 714(b) paragraph (2) of title 31, United State Code?
31 USC § 714 (b) (2) (http://www.law.cornell.edu/uscode/text/31/714)
Audits of the Board and Federal reserve banks may not include—
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
Ron Paul's H.R. 459 and Rand Paul's S. 202 would also eliminate the restriction above and allow the GAO to audit monetary policy decisions.