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Congress passes 'AUDIT the FED' bill

OWoN: How do you audit a Criminal Operation? Well, they already have done a Nevada whorehouse, so is Congress next?

It's a start. 


see video here


House passes bill to audit Federal Reserve


The Hill
By Cristina Marcos
17 September 2014

The House on Wednesday passed legislation to audit the Federal Reserve System.

Passed 333-92, the bill would require the comptroller general to conduct an audit of the Federal Reserve's board of governors and banks within one year and submit a report to Congress on the findings. A total of 106 Democrats joined all but one Republican in support of the measure.

A version of the bill sponsored by then-Rep. Ron Paul (R-Texas) passed in 2012 by a vote of 327-98. Paul's son, Sen. Rand Paul (R-Ky.), has introduced companion legislation in the Senate.

Rep. Paul Broun (R-Ga.), who failed to advance in a Senate GOP primary earlier this year, said the measure would increase transparency at the Federal Reserve.

This is a vital piece of legislation that will help to usher in a new era of transparency in this nation's monetary policy," said Broun, the bill's sponsor. "The Federal Reserve is a creation of Congress, and it must therefore be subject to the oversight and regulation of Congress."

Rep. Thomas Massie (R-Ky.) argued the central bank should make its functioning more open to the public.

"Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations," Massie said.

But Rep. Elijah Cummings (D-Md.) said that exposing the Federal Reserve's communications to public scrutiny would politicize the monetary system. He warned that officials could become wary of communicating with each other in ways that they know would become public, and that Congress would interfere with the Federal Reserve's decision-making.

"If enacted, this bill would severely curtail the independence that has been a hallmark for the Federal Reserve and has been essential to its ability to strengthen our country," Cummings said. "Such audits, which could be conducted on an almost real-time basis under this bill, could have a chilling effect on the Fed." Federal Reserve Chairwoman Janet Yellen has objected to the auditing proposal. At a February House Financial Services Committee hearing, Yellen said that while the Federal Reserve "should be transparent," such a measure would be "interfering with the independence of monetary policy, by bringing political pressures to bear on the committee’s judgment."

link  (video)

9 comments :


  1. Great news, and not surprising given what we are expecting on the horizon.

    Elijah Cummings is a dolt.

    Audit, then end the Fed, and move all it's infrastructure to Treasury for direct oversight by the Secretary of Treasury, who would be accountable to Congress. It worked for 150 years prior to the Jekyll Island lot.

    Our constitution still requires gold and silver as legal tender. How sad that we abandoned this standard to a bunch of banking cartel scum, while the world now shifts away from the fiat USD as a reserve standard and onto gold and silver as a basis for the new reserve mechanisms.

    History does have a sense of irony.

    ReplyDelete
  2. You called them scum. You rate them that highly?

    ReplyDelete
    Replies
    1. You are right, but I could not recall the term for the fecal matter that comes out of the fecal matter that comes out of the decaying crud from the afterbirth of scum, so I was covering all basis. :)

      While I am here, thank you for your continuing work and dedication. In the 13 years that I have been aware of the brewing high level battles for the removal of thieving cabal parasites, I have not been this encouraged for a long time. The fact that you have to be silent on many issues is a quietness that I never thought would sound so good!

      Hoist the Jack! Full steam ahead!

      Delete
  3. Fed balance sheet increases by $28.2 billion in past week to new record: $4.45 trillion via Zero hedge
    any one know why ? are the putting back what they stole

    ReplyDelete
    Replies
    1. No, these evil conspirators will never put back what they stole. The explanation might be more debt borrowing for the war machine.

      Can you post the link, there must be more in the article explaining the difference, unless they are fudging numbers? This is not surprising...

      Delete
    2. Fed up sorry there was no link Tweeted by ZH

      Delete
    3. Thank you LL33, this is interesting...I would like to know what this big big difference is myself...I will do some more research.

      Thank you...very interesting.

      Delete
    4. After reading through zero hedge most recent articles, this is market over evaluation, without the effect of debt borrowing...this is more fudging. This is what got us into the 2008 bank crash...same thing.

      It's important when evaluating a business that you not only look at balance sheet assets, but you take a very close look at liabilities...netting these figures our will give you an indication of the asset position of any company. If the liabilities out weight the asset values then you have a heavily leveraged business that might be operating off of goodwill...everything here is cash strapped.

      Still searching for immediate, obvious, spelled out answer...nothing is by accident.

      Delete
  4. Will they audit the Fed? Not quite yet.
    http://redefininggod.com/2014/09/will-they-audit-the-fed-not-quite-yet/

    "Once the new Congress takes office in January, there is a good chance the audit law will pass because it will facilitate the Globalist Banking Cabal’s Blame the Fed campaign".

    "...so this would peg the report’s release to March 2016 (give or take a few months), which is the same year the BRICS Contingent Reserve Arrangement will be available to help the BRICS and other nations weather the storm of the Fed’s downfall. It is also the year certain alternative media propaganda figures have been talking about, as I noted in a previous entry. There are no coincidences here on the timing."

    ReplyDelete

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