Audit the Fed!

[Brian4Liberty]

Audit the Fed! The Federal Reserve Transparency Act will be reintroduced in the next Congress (http://www.freedomworks.org/content/audit-fed-federal-reserve-transparency-act-will-be-reintroduced-next-congress)
By Jason Pye


With a new Congress just weeks away from being seated, support is already beginning to build on Capitol Hill to audit the Federal Reserve.

The House of Representatives has twice passed the Federal Reserve Transparency Act, in July 2012 and September 2014, by overwhelming, bipartisan margins. In the Senate, however, Harry Reid (D-NV) refused to allow a vote on the measure.

Politico reports this morning that Rep. Thomas Massie (R-KY) will introduce the Federal Reserve Transparency Act, more commonly known as Audit the Fed, in the opening days of the new Congress. Rep. Paul Broun (R-GA), who introduced and ushered the measure through last year, didn't seek reelection. Sen. Rand Paul (R-KY) also plans to reintroduce the measure in the upper chamber, which will be under Republican control.

Now that the dynamics of Congress have changed and the biggest roadblock to the passage is out of the way, there's optimism that Audit the Fed will be presented to president. A spokesman for incoming Senate Majority Leader Mitch McConnell (R-KY) told Politico that his boss "supports the bill" and is "a co-sponsor."
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More: http://www.freedomworks.org/content/audit-fed-federal-reserve-transparency-act-will-be-reintroduced-next-congress

[Natural Citizen]

Relevant reading - Shadow Banking Assets Increase By $5 Trillion To Record $75 Trillion, 120% Of Global GDP (http://www.zerohedge.com/news/2014-10-30/shadow-banking-assets-increase-5-trillion-record-75-trillion-120-global-gdp)



“Call it Monitoring Universe of Non-Bank Financial Intermediation (MUNFI), Other Financial Intermediaries (OFI), non-bank financial intermediation or, easiest of all, by its widely accepted name, Shadow banking. Whatever you want to call it, the latest just released estimate by the Financial Stability Board (http://www.financialstabilityboard.org/press/pr_141030.pdf)of how many assets current exist outside of the regular banking system (and are thus in the shadows) around the globe should explain why these day the one thing central bankers are most worried about is the uncontrolled proliferation of shadow assets (technically it is liabilities, but that is a different discussion). The reason: according to the broadest measure of shadow banking, it grew by $5 trillion in 2013 to reach $75 trillion. This represents some 25% of total financial assets and when expressed in terms of global GDP, it amounts some 120% of global GDP.

“We are not exactly sure which is scarier: that total financial assets amount to about 500% of world GDP or that about $75 trillion in financial leverage is just sitting there, completely unregulated and designed with one purpose in mind: to make billionaires into trillionaires (with taxpayers footing the bill of their failure).”

[FindLiberty]

I'm a 25+ year Jekyllvette, still curious about more truth
but IMO, 96% of J.Q.Public and 75% of the guber-ployeez
couldn't handle an actual bean-count without going insane*.

*schizoid embolism

[willwash]

Is it a legit audit in its current text or a pussyfoot, dog and pony audit?

[Brian4Liberty]

Is it a legit audit in its current text or a pussyfoot, dog and pony audit?

I trust that Thomas will submit the best bill possible, but you never know what it will be by the time it gets voted on.