Bernie Sanders calls for full audit of Fed

[tsai3904]

Bernie Sanders op-ed in The New York Times:


To Rein In Wall Street, Fix the Fed

By BERNIE SANDERS
DEC. 23, 2015

WALL STREET is still out of control. Seven years ago, the Federal Reserve and the Treasury Department bailed out the largest financial institutions in this country because they were considered too big to fail. But almost every one is bigger today than it was before the bailout. If any were to fail again, taxpayers could be on the hook for another bailout, perhaps a larger one this time.

To rein in Wall Street, we should begin by reforming the Federal Reserve, which oversees financial institutions and which uses monetary policy to maintain price stability and full employment. Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates.

...

In 2010, I inserted an amendment in Dodd-Frank to audit the emergency lending by the Fed during the financial crisis. We need to go further and require the Government Accountability Office to conduct a full and independent audit of the Fed each and every year.

...

More:
http://www.nytimes.com/2015/12/23/opinion/bernie-sanders-to-rein-in-wall-street-fix-the-fed.html

We are already close to the 60 votes needed to pass Audit the Fed. Will this push enough Dems over in support of the bill?

If you haven't contacted your Senators, please do so. If you have a Republican Senator, there's no excuse they should not be for the bill. If you have a Democratic Senator, let them know of Bernie Sanders' stance.

You can find whether your Senator is on the fence here:
http://www.ronpaulforums.com/showthread.php?486986-Senate-to-vote-on-Audit-the-Fed-on-January-12-2016-Contact-Senators!

If you're on Facebook, please join this event and invite your friends:
https://www.facebook.com/events/495853697260998/

[rg17]

Don't trust Bernie Sanders!

[The Gold Standard]

Didn't he vote or speak out against it in the past? And what does he hope to accomplish? You can't have an entire welfare based economy like he wants without someone printing up the money.

[tsai3904]

Didn't he vote or speak out against it in the past?

He did, but now that he opposes the Fed's decision to raise rates, he may have changed his mind.

[The Gold Standard]

He did, but now that he opposes the Fed's decision to raise rates, he may have changed his mind.

So, they are too tight with monetary policy? LOL. I should have figured.

[tsai3904]

Don't trust Bernie Sanders!

I don't trust him but if your Senator is a Democrat, you can use his words to your advantage. Call your Senators' offices and let them know that Bernie Sanders is in full support of Audit the Fed. He is a very popular Democratic candidate for President and Dem Senators will not take his position on issues lightly.

[rg17]

I only trust Rand Paul only!

[pcosmar]

Fix the Fed ?

no,,

END THE FED

[CaptUSA]

Bernie wants more direct government control of the Fed. He doesn't want to remove that power, by any means. He wants that power to be expanded and used as he sees fit.

[angelatc]

Bernie wants more direct government control of the Fed. He doesn't want to remove that power, by any means. He wants that power to be expanded and used as he sees fit.

A power that Congress, of which he is member, decided to hand off decades ago.

[RJB]

Like pretty much all politicians, the strings of the FED support and animate their actions. Why now?

[tsai3904]

Bernie wants more direct government control of the Fed. He doesn't want to remove that power, by any means. He wants that power to be expanded and used as he sees fit.

Agreed.

The issue right now is that there is a VOTE on Audit the Fed on January 12. This will be the Senate's only chance on a vote and once Senators go on the record, they stick to their position. It is extremely important we convince as many Senators to vote FOR the bill regardless of Bernie Sanders' true intentions. He supports an audit so use his words to convince other Democratic Senators to join in support.

This was Ron Paul's signature issue for many years. It's a little disappointing to see the lack of excitement given how close the Senate is to finally passing the bill. Bernie Sanders and Elizabeth Warren have the most influence with Democrats on this issue and we just got one of them to say they support a full audit of the Fed.

[CaptUSA]

Agreed.

The issue right now is that there is a VOTE on Audit the Fed on January 12. This will be the Senate's only chance on a vote and once Senators go on the record, they stick to their position. It is extremely important we convince as many Senators to vote FOR the bill regardless of Bernie Sanders' true intentions. He supports an audit so use his words to convince other Democratic Senators to join in support.

This was Ron Paul's signature issue for many years. It's a little disappointing to see the lack of excitement given how close the Senate is to finally passing the bill. Bernie Sanders and Elizabeth Warren have the most influence with Democrats on this issue and we just got one of them to say they support a full audit of the Fed.

Absolutely agree with this.

[Brian4Liberty]

I don't trust him but if your Senator is a Democrat, you can use his words to your advantage. Call your Senators' offices and let them know that Bernie Sanders is in full support of Audit the Fed. He is a very popular Democratic candidate for President and Dem Senators will not take his position on issues lightly.

^That.

[jkr]

You had your chance you Fuckn sellout
#Berniecomelately

[ZENemy]

legalize competing currencies.

[Kotin]

Clearly fishin for Ron Paul votes, fuckin socialist piece of shit.


We have good memories, asshole.. We remember when you gutted audit the fed in the senate.

Go fuck yourself, sanders

[phill4paul]

Clearly fishin for Ron Paul votes, fuckin socialist piece of shit.


We have good memories, asshole.. We remember when you gutted audit the fed in the senate.

Go fuck yourself, sanders

I'm having some good discussions on how Rand Paul's positions are so damn good even Bernie is stealing from them. :p

[Jan2017]

Don't trust Bernie Sanders!

The Ron Paul bill in the 111th Congress in the House, was introduced in the Senate by Bernie but he changed it to leave out the most important oversights

[tsai3904]

A lot of people are missing the opportunity of this. We all know Bernie Sanders is a socialist and wants to use the Fed for his political reasons. This is not new news.

The important news is that he has come out in support of a full audit three weeks before the Senate will vote on the Audit the Fed bill. We are so close to the 60 votes needed and there are many Democratic Senators on the fence. This vote can come down to a few votes. So instead of complaining about Bernie Sanders, we should be using his words to convince his Democratic colleagues who are on the fence to vote for the bill.

[H. E. Panqui]

...reality check for republicrats, ludwiggers and other monetary newbies:...most 'money creation' takes place at the commercial bank level...not with 'the fed' per se...

...correct me if i'm wrong, republicrats, ludwiggers, other monetary newbies and etc. assorted hallucinators, but these [phony] 'audit the fed' bills will shine no honest light$ where the real action i$...

...shame on the whole stinking bunch of republicrats... :o

[thoughtomator]

...reality check for republicrats, ludwiggers and other monetary newbies:...most 'money creation' takes place at the commercial bank level...not with 'the fed' per se...

...correct me if i'm wrong, republicrats, ludwiggers, other monetary newbies and etc. assorted hallucinators, but these [phony] 'audit the fed' bills will shine no honest light$ where the real action i$...

...shame on the whole stinking bunch of republicrats... :o

The Fed is an essential enabler of that money creation - it works for those banks (and not for good of the country or the government or the people). The banks could not pull this trick off without the Fed buying their assets and giving them cash for them.

[Zippyjuan]

"Audit the Fed" calls for an audit of their deliberations- not of their books which are already audited.

[tsai3904]

"Audit the Fed" calls for an audit of their deliberations- not of their books which are already audited.

Most people here already know that.

Are you aware that it would also call for an audit of transactions with foreign central banks and transactions made under the direction of the FOMC?

Are you also aware that the GAO said the following about its restrictions on auditing transactions made under the the FOMC:

"In effect, these provisions place significant limitations on our ability to audit the Federal Reserve's largest categories of financial transactions and assets. When the matter of GAO's audit responsibility for the Federal Reserve System as a whole was discussed in 1977, we stated in testimony that we did not see how we could satisfactorily audit the Federal Reserve System without authority to examine open market transactions."

[Zippyjuan]

Are you aware that it would also call for an audit of transactions with foreign central banks and transactions made under the direction of the FOMC?

Here is the text of the bill- can you show me where it says that?


A BILL
To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.

This Act may be cited as the “Federal Reserve Transparency Act of 2015”.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) In General.—Notwithstanding section 714 of title 31, United States Code, or any other provision of law, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 shall be completed within 12 months of the date of enactment of this Act.

(b) Report.—

(1) IN GENERAL.—A report on the audit required under subsection (a) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

(2) CONTENTS.—The report under paragraph (1) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.

(c) Repeal Of Certain Limitations.—Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after “in writing.”.

(d) Technical And Conforming Amendment.—Section 714 of title 31, United States Code, is amended by striking subsection (f).

SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY ENFORCEMENT ACTIONS.

(a) In General.—The Comptroller General of the United States shall conduct an audit of the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board of Governors of the Federal Reserve System against supervised financial institutions.

(b) Content Of Audit.—The audit carried out pursuant to subsection (a) shall consider, at a minimum—

(1) the guidance given by the Board of Governors of the Federal Reserve System to independent consultants retained by the supervised financial institutions regarding the procedures to be followed in conducting the file reviews;

(2) the factors considered by independent consultants when evaluating loan files;

(3) the results obtained by the independent consultants pursuant to those reviews;

(4) the determinations made by the independent consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered to each homeowner; and

(5) the specific measures taken by the independent consultants to verify, confirm, or rebut the assertions and representations made by supervised financial institutions regarding the contents of loan files and the extent of financial injury to homeowners.

(c) Report.—Not later than the end of the 6-month period beginning on the date of the enactment of this Act, the Comptroller General shall issue a report to the Congress containing all findings and determinations made in carrying out the audit required under subsection (a).

https://www.congress.gov/bill/114th-congress/senate-bill/264/text

[Zippyjuan]

http://www.federalreserve.gov/faqs/about_12784.htm

GAO is not the only auditor.


Does the Federal Reserve ever get audited?

Yes, the Board of Governors, the 12 Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review:

The Government Accountability Office (GAO) conducts numerous reviews of Federal Reserve activities.

The Board's financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the Office of Inspector General (OIG).

The Board's OIG audits and investigates Board programs and operations as well as those Board functions delegated to the Reserve Banks. Completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Board's Annual Report. (Before 2002, the reviews were listed in the Board's Annual Report: Budget Review.)

The financial statements of the Reserve Banks are also audited annually by an independent outside auditor.

Each week, the Federal Reserve publishes its balance sheet and charts of recent balance sheet trends, as well as provides an interactive guide to the Fed's balance sheet. The balance sheet is included in the Federal Reserve's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks."

In addition, the Reserve Banks are subject to annual examination by the Board. The Board's financial statements and the combined financial statements for the Reserve Banks are published in the Board's Annual Report.

See our audit page for more information on all of the above audits and more information on the accounting, financial reporting, and internal controls of the Federal Reserve Board and Federal Reserve Banks.

[tsai3904]

Here is the text of the bill- can you show me where it says that?

https://www.congress.gov/bill/114th-congress/senate-bill/264/text

Section 2(c) which repeals subsection (b) of section 714 of title 31, United States Code.

You can read the section that would be repealed here:
http://uscode.house.gov/view.xhtml?req=(title:31%20section:714%20edition:p relim)

[Zippyjuan]

Thanks for the info.

The section:

(b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing. Audits of the 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 and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

Highlighted section to be deleted if law passed. It would keep the part:


only if the appropriate agency has consented in writing.

[tsai3904]

It would keep the part:


only if the appropriate agency has consented in writing.

The "consented in writing" section only refers to "an onsite examination of an open insured bank or bank holding company" which does not refer to the Federal Reserve Board as it is not "an open insured bank or bank holding company."

[RandPaul4Prez]

i'm really tired of these aholes stealing Rand and Rons stances on just about everything.

[Matt Collins]

https://www.youtube.com/watch?v=eKgPY1adc0A

[tsai3904]

i'm really tired of these aholes stealing Rand and Rons stances on just about everything.

We're going to need 60 Senators to steal their stances on this issue to get the bill passed.

[liveandletlive]

damn him.

[Suzanimal]

Clearly fishin for Ron Paul votes, fuckin socialist piece of shit.


We have good memories, asshole.. We remember when you gutted audit the fed in the senate.

Go fuck yourself, sanders

This ^^^

[luctor-et-emergo]

Sanders is a piece of shit socialist. Just shows the system [in reality, socialism] actually is a kleptocracy.

Nowhere in the article did he mention Rand or his bill. I'm pretty sure Rand would be decent enough to mention Sanders if he actually supported his bill.. But no, he wants the glory for himself.

[RandPaul4Prez]

Who owns the federal reserve?

@ 21:10


https://www.youtube.com/watch?v=XuzkLbHb1Q8

[Bastiat's The Law]

The Fed is an essential enabler of that money creation - it works for those banks (and not for good of the country or the government or the people). The banks could not pull this trick off without the Fed buying their assets and giving them cash for them.

Government loves central banking. It makes the welfare/warfare state possible.

[oyarde]

I have pretty well quit accepting FRN's , so I no longer support the Fed. Oh yeah , Bernie lies .

[H. E. Panqui]

"The banks could not pull this trick off without the Fed buying their assets and giving them cash for them."

:confused:

(...huh???...private commercial banksters have practiced fraudulent 'fractional reserve' 'deposit creation' etc. monetary manipulation scheme$ LONG LONG BEFORE this current HIDEOUS 'federal reserve' iteration...(search 'goldsmith fraudulent money creation scheme)

...ludwiggers, do yourselves a favor...turn off the ludwig theory, historical fantasy, etceterot, and acquire some 'monetary realism'... ;)



oyarde writes: I have pretty well quit accepting FRN's , so I no longer support the Fed.

(unless you are an 'indian on land untaxed' you/we are rather quickly either: 1.) dead 2.) in jail 3.) both..if you or someone else in your behalf doesn't use 'the federal reserve note'...reality...not ludwiggery... ;)

[surf]

a lot of Bernie hate here for someone getting on board w/auditing the fed.

Bernie's a pussy, and his campaign is similar to ours 8 years ago and 4 years ago (getting bent over by his party). but he's pro-pot and anti-war and anti-CISA apparently and for auditing the fed. barring a rand miracle, i'll be voting lp (unless it's a Barr type). but i'd like to see a pro-peace candidate make some waves.

[unknown]

Don't trust Bernie Sanders!

When the guy had a chance to pass the audit Bill, he sold out.

Now he wants a full audit? Come on...

Ron Paul says Bernie Sanders 'sold out' on Fed amendment (http://thehill.com/policy/finance/96587-ron-paul-says-bernie-sanders-qsold-outq-on-fed-amendment).

[Peace Piper]

but he's pro-pot and anti-war and anti-CISA apparently and for auditing the fed. barring a rand miracle, i'll be voting lp (unless it's a Barr type). but i'd like to see a pro-peace candidate make some waves.

Sanders isn't anti war. His job is to rope-a-dope the democrats that might be thinking of straying off the (D) reservation. He's already said he will endorse the Wicked Witch when he loses the nomination. Some say Rodham-Clinton already has all the delegates she needs. Anyway, he's consistently behind in all polls and will never be the nominee.

Bernie had anti war protesters arrested during the PNAC Serbia war, and he runs around telling people that war was to prevent a "genocide" - Bubba's lie that paved the way for 78 days of bombing and subsequent invasion of a nation that never did a thing to the US. Camp Bondsteel- the Guantanimo of the Balkans, is still there and under US control. Few know or care.


https://www.youtube.com/watch?v=S8BTMK9c1XE

"Bernie Sanders is anti war" couldn't be farther from the truth.


https://www.youtube.com/watch?v=8_ITQKIhTBg

Try to discuss these issues with the Sandernistas and it's like trying to ask a Rand Paul fanatic why he lied about Russia and Crimea. They love him, just like Rand followers love him. It's way past time for the American People to stop falling in love with the people applying for the job of Commander in Chief. But they won't and that's why the US is broke and dysfunctional.

[devil21]

Probably already posted but Sanders was who killed the original Fed audit bill in 2010.

This vid is recently dated but it's from 2010! At the last minute Sanders switched bills...

https://www.youtube.com/watch?v=ZNuHRyip3iA

There should be more economic threads in GP instead of relegated to the Econ subforums where only the wonks read them.

[DamianTV]

legalize competing currencies.

I agree. Of course, any country that tries to introduce a competing currency is deemed "war criminals" and "terrorists" and we go to war with them. Anyone know what the Dinar is?

[jonhowe]

There is only ONE Rand Paul in the Senate. We need SIXTY votes to pass audit the fed.


WHY ARE PEOPLE COMPLAINING ABOUT US GAINING VOTES/LEVERAGE?

[Ronin Truth]

Seriously, where has socialist Bernie been on this issue for the last 20 years? :p :rolleyes:

[LibertyEagle]

Oh, he's just trying to appease the Ron Paul supporters who now are in Bernie's camp. :rolleyes:

[Valli6]

Bernie Sanders stabbed Ron Paul in the back at the precise moment when a full Federal Reserve audit could finally have been voted on.

[tsai3904]

There is only ONE Rand Paul in the Senate. We need SIXTY votes to pass audit the fed.


WHY ARE PEOPLE COMPLAINING ABOUT US GAINING VOTES/LEVERAGE?


Exactly. I can't figure out if people want Bernie Sanders to vote against the bill.

[Valli6]

Exactly. I can't figure out if people want Bernie Sanders to vote against the bill.
Of course we want him to vote for the bill, but we need to remain aware that he can't be trusted.
What's to stop Sanders from watering down Rand's bill too, then pretending to have accomplished something significant...again... because most people don't know any better?

[devil21]

Exactly. I can't figure out if people want Bernie Sanders to vote against the bill.

It's not that simple. Sanders is controlled since he killed the bill when it wasn't on the bankster's "schedule" to end the petrodollar. Shows where Bernie takes his orders from. Now that the banksters are ending the petrodollar standard, an audit will likely happen in order to provide an excuse for why the current iteration of the Fed ends in the near future (end of the fiat petrodollar standard). Enter Bernie to swoop in and claim ownership for killing the bank...

The real history of the end of the Fed must at least be preserved, lest it be rewritten. My .02.

[tsai3904]

Of course we want him to vote for the bill, but we need to remain aware that he can't be trusted.
What's to stop Sanders from watering down Rand's bill too, then pretending to have accomplished something significant...again... because most people don't know any better?

The point isn't whether to trust Sanders or not. We all know that Sanders believes in the Fed for his own political purposes. The point of him coming out in support of a full audit is to use his words to convince other Democratic Senators to support the bill.

The vote is less than two weeks away. I could care less who comes out in support of a full audit now. If Rubio wants to take credit and mobilize his supporters to contact Senators or Clinton says she supports a full audit, at this point, it doesn't matter because we have one chance for the Senate to pass the bill. Once Senators go on the record, they do not change their votes in the future and there is very low turnover in the Senate. If we can't pass it on January 12, it will be awhile before we have another shot to pass it.

[jonhowe]

I dont think Sanders is as nefarious as people take him for. A relative of mine knows him to a small degree. He seems truly idealistic, but sadly, incredibly naive. I think if he knew about the danger the fed poses, he'd oppose it. Perhaps he is only doing this to play politics, or maybe he learned/noticed something?

A boy can dream.