Thomas Massie's Bill to Audit The Fed Passes Committee Markup

[tsai3904]

[charrob]

Love this guy! Thanks for sharing...

[Natural Citizen]

Can someone post the bill? Ending secrecy with the fed demands a bill with a rather thorough schematic. I haven't really seen anyone present a bill that has contained the relevant schematics to ensure a true and thorough audit of the fed. Black budget alone is a separate system of finance. What about international financial clearing infrastructure, modern securities and commodities markets that move on electronic networks? What about high frequency trading? And, of course, we have the agencies who operate these things that should be recognized as funded entities, too. And lots of other outliers that aren't often mentioned or placed into relevance as they should be. I've really only listed a few here.

I mean, I'm all for an audit, don't get me wrong. But there is an audit and then...you know...there is an audit.

So, yeah. Where is the bill? Anyone seen it?

[H. E. Panqui]

Can someone post the bill? Ending secrecy with the fed demands a bill with a rather thorough schematic. I haven't really seen anyone present a bill that has contained the relevant schematics to ensure a true and thorough audit of the fed. Black budget alone is a separate system of finance. What about international financial clearing infrastructure, modern securities and commodities markets that move on electronic networks? What about high frequency trading? And, of course, we have the agencies who operate these things that should be recognized as funded entities, too. And lots of other outliers that aren't often mentioned or placed into relevance as they should be. I've really only listed a few here.

I mean, I'm all for an audit, don't get me wrong. But there is an audit and then...you know...there is an audit.

So, yeah. Where is the bill? Anyone seen it?

(...good post...yeah, truly 'audit' the [not] federal [no honest] reserve...but understand the VAST majority of what we've all called 'money' our whole lives, and those of our grandparents and before, has been created (and destroyed)...CONTROLLED...by PRIVATE 'commercial banks of issue'...one wonders what type of 'audit,' if any, will be conducted on 'the private commercial banks'... ...i'm with NC...let's see the words..

...i can't stand alex jones, but one thing he does that endears me is to honestly call the deceptively labelled 'FEDERAL RESERVE' the 'NOT FEDERAL NO RESERVES'...maybe the tptb allow jones to tell the truth for the same reason they allow 'libertarianism' to be associated with the 'ideas' of bob barf, glenn beck, kneel boor, etc...

[Matt Collins]

If you have an open Senate race in your state you need to get your candidates (including incumbents) on record for or against a full audit of the Fed.

[economics102]

Wow. I know what video I'm linking to next time someone claims Audit the Fed is unnecessary or a bad idea.

Thomas Massie is so awesome.

[jct74]

Can someone post the bill? Ending secrecy with the fed demands a bill with a rather thorough schematic. I haven't really seen anyone present a bill that has contained the relevant schematics to ensure a true and thorough audit of the fed. Black budget alone is a separate system of finance. What about international financial clearing infrastructure, modern securities and commodities markets that move on electronic networks? What about high frequency trading? And, of course, we have the agencies who operate these things that should be recognized as funded entities, too. And lots of other outliers that aren't often mentioned or placed into relevance as they should be. I've really only listed a few here.

I mean, I'm all for an audit, don't get me wrong. But there is an audit and then...you know...there is an audit.

So, yeah. Where is the bill? Anyone seen it?

H.R.24 - Federal Reserve Transparency Act of 2015

https://www.congress.gov/bill/114th-...e-bill/24/text

[jct74]

House Committee Advances Massie’s Fed Transparency Bill

May 17, 2016

WASHINGTON, D.C. - Today, the House Committee on Oversight and Government Reform (OGR), chaired by Congressman Jason Chaffetz (R-UT), passed Congressman Massie’s H.R. 24, “The Federal Reserve Transparency Act of 2015,” also known as “Audit the Fed.” This is an important step toward getting the bill to the House floor for a vote.

“The Federal Reserve should not keep secrets from Congress,” said OGR member Congressman Massie, who introduced the bill on January 6th, 2015. "Ironically, the people who argue against an audit make the case for an audit by saying that transparency may affect the way the Fed operates. Congress created the Federal Reserve, so it is Congress’ responsibility to audit the Federal Reserve. Americans want and deserve more transparency."

The Federal Reserve Transparency Act of 2015 would require the Comptroller General to conduct a full examination of the Federal Reserve System and how it sets monetary policy. The Federal Reserve makes decisions that affect the economy, yet the elected officials who represent the American people have limited insight into how the institution’s decisions are made.

The Federal Reserve Transparency Act of 2015 currently has 198 co-sponsors from both sides of the aisle. Former Congressman Paul Broun (R-GA) introduced a similar bill in the 113th Congress that overwhelmingly passed the House of Representatives, 333-92. Former Congressman Ron Paul (R-TX), who has long championed this cause, originally introduced the bill in 2009.

On January 12, 2016, the Senate voted 53-44 in favor of Senator Rand Paul’s S. 2232, the Senate companion to H.R. 24, only seven votes short of the 60 needed to move the bill forward.

Now that the Federal Reserve Transparency Act of 2015 has successfully made it through committee, the full House can schedule debate and vote on the bill.

To watch Congressman Massie's remarks during the committee markup, click here.

https://massie.house.gov/newsroom/pr...nsparency-bill

[jct74]

Audit the Fed Bill Passes Committee
Headed to House floor for eventual debate and vote.

Ed Krayewski
May. 18, 2016 2:27 pm

The House Oversight Committee passed the Federal Reserve Transparency Act (H.R. 24) sponsored by Rep. Thomas Massie (R-Ky.) yesterday, setting the bill up for an eventual vote on the House floor.

The bill, which was introduced in January 2015, would change the rules under which the Federal Reserve is audited. Current law exempts from audit transactions with foreign central banks and foreign governments, actions surrounding monetary policy matters, transactions made under the direction of the Federal Open Market Committee (the FOMC, which sets interest rates), as well as communication by Federal Reserve board members, officers, and other employees about such exempt transactions and actions.

Massie called the current audits "perfunctory" and "cursory" in a committee debate on the bill, saying lifting the restrictions would allow for a "systematic" audit. The Federal Reserve Transparency Act would also require the Comptroller General of the United States to conduct an audit within a year of the bill's passage and to report on that audit to Congress.

...

read more:
http://reason.com/blog/2016/05/18/au...sses-committee

[jct74]

'Audit the Fed' Push Resumes, but Flip-Flopping Senators Remain Barrier
A handful of senators who have backed the effort abruptly voted against it this year.

By Steven Nelson
May 17, 2016

A widely popular bill that’s become embraced by the Republican mainstream while losing some key Democratic backers is on the move again, but its chances appear tied to whether members of the Senate reclaim their historical support.

There’s no indication that will happen as Rep. Thomas Massie prepares his bill for markup Tuesday by the House Oversight and Government Reform Committee. But the Kentucky Republican says he hopes the senators will again get behind the Federal Reserve Transparency Act.

“As I collect co-sponsors, it’s literally the easiest bill I’ve ever whipped,” he says. “People are fed up with Washington, they want more transparency. ... In the House it’s not a partisan issue. Somehow it became that in the Senate."

...

Massie jokes that Democrats probably would be more interested in an audit if the Federal Reserve was led by a Republican appointee, and scoffs at arguments a hands-off approach is best for maintaining the Fed's independence to craft policies.

“Maybe an audit would disclose the Federal Reserve isn’t as independent as we think from the executive branch,” he says. “There’s a bit of irony for you: The argument that the Federal Reserve should stay independent could be an argument for an audit!”

...

Massie says the Democratic senators "have an obligation to explain why they changed in the Senate." He says he's not sure why that would be, but speculates that “maybe they have less pressure from constituents with a six-year term.”

...

read more:
http://www.usnews.com/news/articles/...remain-barrier