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| Audit the Fed; Vote has been stalled | |
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| Topic Started: Feb 8 2013, 10:41 AM (614 Views) | |
| VoiceofReason | Feb 8 2013, 10:41 AM Post #1 |
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While the Rand Paul Audit the Fed bill would bring transparency to the purposely shadowy goings on at the Federal Reserve, what isn’t so clear is why the Senate has yet to vote on any of the measures. John Tate, president of the Campaign for Liberty, has an idea. Tate told Politico: Harry Reid was the single reason Audit the Fed was not brought to the floor of the Senate in 2012. Harry Reid knows full well that Audit the Fed — which he previously claimed to be a strong supporter of — would pass both the House and the Senate if he allowed a vote. It seems the Senate Majority Leader doesn’t want the American people to know what he, President Obama, and the Federal Reserve have been doing to our money and our economy. What has the Federal Reserve done to our economy exactly? First, the unelected governors of the unconstitutional central bank have an absolute stranglehold and monopoly over the flow of our nation’s money and credit. Not once since its inception in 1913 has there ever been a thorough audit or an accounting to Congress about its activities. During its century-long reign over the financial well-being of our country, the Federal Reserve has manipulated our currency until it is nearly worthless. Meanwhile Congress turns a blind eye and a deaf ear to the crisis and the calls to control it. The fact is that since that day in 1913, the dollar has lost over 95 percent of its purchasing power. Most, if not all, of this precipitous decline was caused by the mindless monetary policy of the Federal Reserve. The United States of America has been driven to the very edge of a devastating fiscal cliff by the folly of the Federal Reserve and the abdication of its authority by an impotent Congress. Together, these factors add up to $14 trillion in ill-conceived loans and federal bailouts and a crushing national debt of over $16 trillion. Adding insult to injury, during testimony to Congress in 2009, Federal Reserve Chairman Ben Bernanke refused to reveal to committee members the names of the institutions that received trillions of dollars from the Fed. Later, he told our elected representatives that he would not disclose the identity of the foreign banks that were parties to sweetheart deals with the Federal Reserve. Perhaps this is the year that the Fed is called on the carpet. Perhaps Senator Paul can finally expose its unconstitutional, undisclosed, disastrous dealings and restore Congress to its rightful role of representatives of the people. http://www.thenewamerican.com/usnews/congress/item/14464-rand-paul-introduces-audit-the-fed-bill http://www.politico.com/blogs/on-congress/2013/02/rand-paul-audit-the-fed-156153.html Edited by VoiceofReason, Feb 8 2013, 10:44 AM.
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| VoiceofReason | Feb 8 2013, 10:45 AM Post #2 |
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Below is the text of Senator Paul’s bill: 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 2013''. 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). http://www.thenewamerican.com/usnews/congress/item/14464-rand-paul-introduces-audit-the-fed-bill Edited by VoiceofReason, Feb 8 2013, 10:46 AM.
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| Negrodamus | Feb 8 2013, 10:56 AM Post #3 |
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Good find Truthie. |
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| The SOLE Controller | Feb 8 2013, 11:25 AM Post #4 |
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Rand Paul better go sit down somewhere...lol...before he's on the floor of the Pacific ocean, with a weight chained to him;
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| VoiceofReason | Feb 8 2013, 09:09 PM Post #5 |
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Right! Or an accident "almost" happens to someone close to him. |
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| Backbone | Feb 8 2013, 10:04 PM Post #6 |
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Rand Paul along with a number of senators will never push the issue to it final destination, which is an audit of the Fed. The powers that be, will never allow such transparency. Think about the impact an audit of the Fed. will have on the nation’s economy. Old Money (Big Business) will not tolerate having their cooperate welfare checks jeopardies. |
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| VoiceofReason | Feb 9 2013, 08:47 AM Post #7 |
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While its probably true that we will never have the transparency stipulated by the Bill, an Audit would have no impact on our economy. The "flush" button has already been pushed. With all the money that's being printed, and the continuing impact of deregulation of the Financial Industry, along with the fact that catalysts of the meltdown continue to not be addressed, and will not be addressed, I think our Economy is being manipulated towards relative doom; compared that is, to the last 20 years. In fact, I believe our Economy is being pushed back, lets say, to the period in our history where there was one income per household. But instead of that being a cultural shift, it will be an economic shift brought on by lack of jobs in the service industry, and the number of members per household will increase, with greater numbers (we're already seeing it) needing government assistance for basics such as food and shelter for long periods of time. America needs to be re-educated. We know that. And we need so-called Jobs of the Future implemented locally. Unfortunately, investment will continue to occur outside the U.S. until our wages have been driven down, or our expertise is driven up. Edited by VoiceofReason, Feb 9 2013, 08:56 AM.
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| The SOLE Controller | Feb 9 2013, 09:40 AM Post #8 |
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Who would dare accept that "job" to audit The Federal Reserve ...is what Rand seems to be disconnected from. He'd Have to Have Congress pass a special bill for ensuring protection for that auditing-org & its employees from all forms of harm, for the remainder of all their existence.
Edited by The SOLE Controller, Feb 9 2013, 09:43 AM.
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| 72MiMi | Feb 9 2013, 11:06 AM Post #9 |
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I was thinking the same thing..... I don't remember when it happened but the mere fact that Congress allowed a non-federal institution regulate the flow of paper is unthinkable to me. They're untouchable....and IMO Paul's attempt to "uncover" what he already knows is going on has many hidden agendas attached......just like all the other hidden agendas floating around the halls of Congress. |
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| VoiceofReason | Feb 9 2013, 12:18 PM Post #10 |
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I wouldn't want that job, but... The Fed has Internal Auditors. All the info "asking" to be made public via the Bill is already ready to be viewed. It's merely a matter of access. That's why, though I support the Bill, I think it too is political posturing. Because I can't see any way in hell or hades that the US Government doesn't have, or can't gain, access to those records. Edited by VoiceofReason, Feb 9 2013, 12:20 PM.
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