SOCALHUSKER Posted April 29, 2009 Author Share Posted April 29, 2009 How many new governmental positions will have to be created to fulfill the requirements of 1207? Yet another layer of bureaucracy. It's sad when even the legislation that is designed to reduce waste requires increased spending. (I do think I support it although the provided text seems vague.) No new funding or added bureacracy is required. The GAO is already staffed and funded to audit the Fed, they just don't do it. Other than that, the findings will be reported to Congress and hopefully the Fed will be abolished. What about the simple text of "audit the federal reserve and report the findings to Congress" do you find vague? Link to comment
carlfense Posted April 29, 2009 Share Posted April 29, 2009 How many new governmental positions will have to be created to fulfill the requirements of 1207? Yet another layer of bureaucracy. It's sad when even the legislation that is designed to reduce waste requires increased spending. (I do think I support it although the provided text seems vague.) No new funding or added bureacracy is required. The GAO is already staffed and funded to audit the Fed, they just don't do it. Other than that, the findings will be reported to Congress and hopefully the Fed will be abolished. What about the simple text of "audit the federal reserve and report the findings to Congress" do you find vague? What's going to be audited? The final findings? All aspects of discussion? Every scrap of paper that pertains to the federal reserve? Will this enormous audit be printed up, bound, and handed to every Representative and Senator? What exactly will Congress do with this information? Is Congress required to act upon the occurrence of select events? Etc. Etc. Etc. More paperwork is just more paperwork unless they actually DO something with it. Link to comment
SOCALHUSKER Posted April 29, 2009 Author Share Posted April 29, 2009 How many new governmental positions will have to be created to fulfill the requirements of 1207? Yet another layer of bureaucracy. It's sad when even the legislation that is designed to reduce waste requires increased spending. (I do think I support it although the provided text seems vague.) No new funding or added bureacracy is required. The GAO is already staffed and funded to audit the Fed, they just don't do it. Other than that, the findings will be reported to Congress and hopefully the Fed will be abolished. What about the simple text of "audit the federal reserve and report the findings to Congress" do you find vague? What's going to be audited? The final findings? All aspects of discussion? Every scrap of paper that pertains to the federal reserve? Will this enormous audit be printed up, bound, and handed to every Representative and Senator? What exactly will Congress do with this information? Is Congress required to act upon the occurrence of select events? Etc. Etc. Etc. More paperwork is just more paperwork unless they actually DO something with it. I'm not sure the exact specifics of the audit, but I will try to find out. I'm sure the GAO has a SOP for what a financial institution audit entails. The bill does call for the reports to be printed for members of certain financial committees and any rep who wishes to have a copy. As far as Congress acting on the reports, that would be based strictly upon the findings. If anything unconstitutional is found than yes, Congress is required to act. The Fed has never been audited in history and I'm sure it'll take some work, but without an audit of the Fed we'll never know where our money is going, what it is being used for or how serious our financial/monetary situation is. Link to comment
SOCALHUSKER Posted April 29, 2009 Author Share Posted April 29, 2009 How many new governmental positions will have to be created to fulfill the requirements of 1207? Yet another layer of bureaucracy. It's sad when even the legislation that is designed to reduce waste requires increased spending. (I do think I support it although the provided text seems vague.) No new funding or added bureacracy is required. The GAO is already staffed and funded to audit the Fed, they just don't do it. Other than that, the findings will be reported to Congress and hopefully the Fed will be abolished. What about the simple text of "audit the federal reserve and report the findings to Congress" do you find vague? What's going to be audited? The final findings? All aspects of discussion? Every scrap of paper that pertains to the federal reserve? Will this enormous audit be printed up, bound, and handed to every Representative and Senator? What exactly will Congress do with this information? Is Congress required to act upon the occurrence of select events? Etc. Etc. Etc. More paperwork is just more paperwork unless they actually DO something with it. Here's what I could find on the GAO auditing the Federal Reserve, from a Congressional Hearing in 1993. FEDERAL RESERVE SYSTEM AUDITS and here's a link to the Audit Standards. GAO Federal Information System Controls Audit Manual Link to comment
hosker Posted April 29, 2009 Share Posted April 29, 2009 Rep Kagen, Steve [WI-8] - 2/26/2009 Rep Bachmann, Michele [MN-6] - 2/26/2009 Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009 Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009 Rep Rehberg, Denny [MT] - 2/26/2009 Rep Posey, Bill [FL-15] - 2/26/2009 Rep Broun, Paul C. [GA-10] - 2/26/2009 Rep Poe, Ted [TX-2] - 2/26/2009 Rep Burton, Dan [iN-5] - 2/26/2009 Rep Abercrombie, Neil [HI-1] - 2/26/2009 Rep Woolsey, Lynn C. [CA-6] - 2/26/2009 Rep Garrett, Scott [NJ-5] - 3/5/2009 Rep Chaffetz, Jason [uT-3] - 3/6/2009 Rep Kingston, Jack [GA-1] - 3/6/2009 Rep Young, Don [AK] - 3/6/2009 Rep Rohrabacher, Dana [CA-46] - 3/6/2009 Rep Stearns, Cliff [FL-6] - 3/6/2009 Rep McClintock, Tom [CA-4] - 3/6/2009 Rep Heller, Dean [NV-2] - 3/6/2009 Rep Duncan, John J., Jr. [TN-2] - 3/6/2009 Rep Taylor, Gene [MS-4] - 3/6/2009 Rep DeFazio, Peter A. [OR-4] - 3/9/2009 Rep Alexander, Rodney [LA-5] - 3/10/2009 Rep Price, Tom [GA-6] - 3/10/2009 Rep Petri, Thomas E. [WI-6] - 3/10/2009 Rep Foxx, Virginia [NC-5] - 3/10/2009 Rep Grayson, Alan [FL-8] - 3/11/2009 Rep Marchant, Kenny [TX-24] - 3/11/2009 Rep Wamp, Zach [TN-3] - 3/16/2009 Rep Blackburn, Marsha [TN-7] - 3/16/2009 Rep Buchanan, Vern [FL-13] - 3/17/2009 Rep Castle, Michael N. [DE] - 3/17/2009 Rep Fleming, John [LA-4] - 3/18/2009 Rep Akin, W. Todd [MO-2] - 3/19/2009 Rep Platts, Todd Russell [PA-19] - 3/19/2009 Rep Peterson, Collin C. [MN-7] - 3/19/2009 Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009 Rep Lummis, Cynthia M. [WY] - 3/19/2009 Rep Burgess, Michael C. [TX-26] - 3/19/2009 Rep Sessions, Pete [TX-32] - 3/23/2009 Rep Deal, Nathan [GA-9] - 3/23/2009 Rep Franks, Trent [AZ-2] - 3/23/2009 Rep Miller, Jeff [FL-1] - 3/24/2009 Rep Blunt, Roy [MO-7] - 3/24/2009 Rep Stark, Fortney Pete [CA-13] - 3/26/2009 Rep Culberson, John Abney [TX-7] - 3/26/2009 Rep Paulsen, Erik [MN-3] - 3/30/2009 Rep Gingrey, Phil [GA-11] - 3/30/2009 Rep Terry, Lee [NE-2] - 3/30/2009 Rep Carter, John R. [TX-31] - 3/31/2009 Rep Capito, Shelley Moore [WV-2] - 4/1/2009 Rep Wittman, Robert J. [VA-1] - 4/1/2009 Rep Fallin, Mary [OK-5] - 4/2/2009 Rep Smith, Lamar [TX-21] - 4/2/2009 Rep Westmoreland, Lynn A. [GA-3] - 4/2/2009 Rep Lucas, Frank D. [OK-3] - 4/21/2009 Rep Lamborn, Doug [CO-5] - 4/21/2009 Rep Ehlers, Vernon J. [MI-3] - 4/21/2009 Rep Bilbray, Brian P. [CA-50] - 4/21/2009 Rep Pence, Mike [iN-6] - 4/21/2009 Rep Manzullo, Donald A. [iL-16] - 4/21/2009 Rep McCaul, Michael T. [TX-10] - 4/21/2009 Rep Cole, Tom [OK-4] - 4/21/2009 Rep Roe, David P. [TN-1] - 4/21/2009 Rep Herger, Wally [CA-2] - 4/21/2009 Rep Bishop, Rob [uT-1] - 4/21/2009 Rep Baldwin, Tammy [WI-2] - 4/21/2009 Rep Olson, Pete [TX-22] - 4/21/2009 Rep Latham, Tom [iA-4] - 4/21/2009 Rep Luetkemeyer, Blaine [MO-9] - 4/21/2009 Rep Doggett, Lloyd [TX-25] - 4/21/2009 Rep Rooney, Thomas J. [FL-16] - 4/22/2009 Rep Massa, Eric J. J. [NY-29] - 4/22/2009 Rep Johnson, Sam [TX-3] - 4/22/2009 Rep Thompson, Glenn [PA-5] - 4/22/2009 Rep Brady, Kevin [TX-8] - 4/22/2009 Rep Smith, Adam [WA-9] - 4/22/2009 Rep Shimkus, John [iL-19] - 4/22/2009 Rep Graves, Sam [MO-6] - 4/22/2009 Rep Jenkins, Lynn [KS-2] - 4/23/2009 Rep Gohmert, Louie [TX-1] - 4/23/2009 Rep Inglis, Bob [sC-4] - 4/23/2009 Rep Kaptur, Marcy [OH-9] - 4/23/2009 Rep Johnson, Timothy V. [iL-15] - 4/23/2009 Rep Brown, Henry E., Jr. [sC-1] - 4/28/2009 Rep Biggert, Judy [iL-13] - 4/28/2009 Rep Pitts, Joseph R. [PA-16] - 4/28/2009 Rep Tiahrt, Todd [KS-4] - 4/28/2009 Rep Myrick, Sue Wilkins [NC-9] - 4/28/2009 Rep Putnam, Adam H. [FL-12] - 4/28/2009 Rep LaTourette, Steven C. [OH-14] - 4/28/2009 Rep Tiberi, Patrick J. [OH-12] - 4/28/2009 Rep Ros-Lehtinen, Ileana [FL-18] - 4/28/2009 Rep Hoekstra, Peter [MI-2] - 4/28/2009 Rep Miller, Candice S. [MI-10] - 4/28/2009 Rep Granger, Kay [TX-12] - 4/28/2009 Rep Simpson, Michael K. [iD-2] - 4/28/2009 Rep Barrett, J. Gresham [sC-3] - 4/28/2009 Rep Goodlatte, Bob [VA-6] - 4/28/2009 Rep Smith, Adrian [NE-3] - 4/28/2009 alright my congressman is a cosponsor!! Link to comment
SOCALHUSKER Posted April 30, 2009 Author Share Posted April 30, 2009 110 COSPONSORS AND A NICE LETTER FROM THE AUTHOR. Dear Friends, As we reflect on President Obama's first 100 days in office, the hundreds of billions of dollars in taxpayer bailouts of Wall Street and the just passed budget, a staggering $3.4 trillion boondoggle, I wanted to share some good news with you. As I write, H.R. 1207, my bill to audit the Federal Reserve, currently has 110 cosponsors in the House of Representatives. This piece of legislation is perhaps the most important of my career, and I thank you for your continued support in sending me back to Congress to fight for it. A broad coalition of Representatives has joined with me in supporting your right to transparency at the Fed. For example, Rep. Tom Price (GA), head of the conservative Republican Study Committee, and Rep. Lynn Woolsey (CA), former head of the liberal Progressive Caucus, have both cosponsored the bill. Americans from all over the political spectrum are demanding an audit of the Federal Reserve. And with good reason! Since its inception, the Federal Reserve has operated without sufficient transparency or accountability to the American people. In fact, current law specifically excludes the Fed from audit or real congressional oversight. No government agency has such an utter lack of sunshine. The Federal Reserve has created and dispersed trillions of dollars in response to our current financial crisis. Of course, I am among the most outspoken critics of the bailouts, but Americans across the nation, regardless of their opinion of the TARP program, want to know where that money has gone and exactly how much has been spent. H.R. 1207 will open up the Fed's funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight. Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as the ongoing dollar swap operations with European central banks. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the H.R. 1207 would achieve much-needed transparency of the Federal Reserve. Times are tough, and we continue to hear a stream of bad news. But I will continue to stand up for you in Congress and fight for our American traditions, to protect our Liberty and for an Audit of the Federal Reserve. Thank you again for your support. I could not continue my fight without you. In Liberty, Ron Paul Link to comment
SOCALHUSKER Posted May 7, 2009 Author Share Posted May 7, 2009 134 cosponsors and going strong. Also today, the Campaign for Liberty, along with several other diverse and notable organizations, took out a full page ad on HR 1207 in the Washington Times. It was addressed to those serving in the House of Reps. Read it here. Link to comment
SOCALHUSKER Posted May 8, 2009 Author Share Posted May 8, 2009 PXlxBeAvsB8 Here's the text for this video. The answers to some of these simple questions are pretty mind boggling!! Alan Grayson: Thank you very much, Mr. Chairman. Inspector Coleman, you’re the Inspector General for the Federal Reserve, right? Elizabeth A. Coleman: That’s correct. Alan Grayson: Okay. Have you done any investigation concerning the Federal Reserve’s role in deciding not to save Lehman Brothers, which led to shockwaves that went through the entire financial system? Elizabeth A. Coleman: In that particular area, you know, I don’t feel like to comment on specific investigations, but we do not currently have an investigation in that particular area. Alan Grayson: All right, what about the $1 trillion-plus expansion of the Federal Reserve’s balance sheet since last September? Have you conducted any investigations regarding that? Elizabeth A. Coleman: Well, right now, we have a… we call it a review and with the term investigation, we have different connotations. We’re actually conducting a fairly high-level review of the various lending facilities collectively, which would include, you know, the TOWS, the variety of the different programs that are in process, so we’re looking at them at a fairly high level to identify risks. Alan Grayson: Well, I understand that, but we’re talking about events that started unfolding eight months ago. Have you reached any conclusions about the Fed expanding its balance sheet by over a trillion dollars since last September? Elizabeth A. Coleman: We have not yet reached any conclusions. Alan Grayson: Do you know who received that money? Alan Grayson: For the… we are in the process right now of doing our review and… Alan Grayson: Right, but you’re the Inspector General. My question specifically is do you know who received that $1 trillion-plus that the Fed extended and put on its balance sheet since last September. Do you know the identity of the recipients? Elizabeth A. Coleman: I do not know. We have not looked at that specific area at this particular point on those reviews. Alan Grayson: What about Bloomberg’s report that there are trillions of dollars in off-balance sheet transactions that the Federal Reserve has entered into since last September? Are you familiar with those off-balance sheet transactions? Elizabeth A. Coleman: You know, I think it may be important at this point to, just to bring up a certain aspect related to our jurisdiction and just to clarify perhaps some of my earlier comments. We are the Inspector General for the Board of Governors and we have direct oversight over Board programs and operations and we’re also able to look at Board-delegated functions to the Reserve Banks, as well as the Board’s oversight and supervision of the Reserve Bank. We do not have jurisdiction to directly go out and audit Reserve Bank activities specifically. Nevertheless, in our lending facility projects, for example, we are looking at the Board’s oversight over the programs and to the extent that it extends out to the Federal Reserve Bank of New York. Alan Grayson: Well, I have a copy of the Inspector General Act here in front of me and it says among other things that if you’re responsible, you can conduct and supervise audits and investigations relating to the programs and operations of your agency. Elizabeth A. Coleman: That’s correct. Alan Grayson: So I’m asking you if your agency has in fact, according to Bloomberg, extended $9 trillion in credit, which by the way works out to $30,000 for every single men, women, and child in this country. I’d like to know if you’re not responsible for investigating that, who is? Elizabeth A. Coleman: We, actually… we have responsibility for the Federal Reserve’s programs and operations, to conduct audits and investigations in that area. In terms of who is responsible for investigating… would you mind repeating the question one more time? Alan Grayson: What have you done to investigate the off-balance sheet transactions conducted by the Federal Reserve, which according to Bloomberg now total $9 trillion in the last eight months. Elizabeth A. Coleman: I’ll have to look specifically at that Bloomberg article. I’m not… I don’t know if I have actually seen that particular one. Alan Grayson: That’s not the point. The question is have you done any investigation or auditing of off-balance sheet transactions conducted by the Federal Reserve? Elizabeth A. Coleman: At this point, we’re conducting our lending facility project at a fairly high level and have not gotten to a specific level of detail to really be in a position to respond to your question. Alan Grayson: Have you conducted any investigation or auditing of the losses that the Federal Reserve has experienced on its lending since last September? Elizabeth A. Coleman: We are still in the process of conducting that review. Until we actually, you know, go out and gather the information, I’m not in a position to really respond to this specific question. Alan Grayson: So are you telling me that nobody at the Federal Reserve is keeping track on a regular basis of the losses that it incurs on what is now a $2 trillion portfolio? Elizabeth A. Coleman: I don’t know if… you’re telling me that there’s… you’re… missing… that there are losses. I’m just saying that we’re not… until we actually look at the program and have the information, we are not in a position to say whether there are losses or to respond in any other way to that question. Alan Grayson: Mr. Chairman, my time is up, but I have to tell you honestly, I am shocked to find out that nobody at the Federal Reserve including the Inspector General is keeping track of this. Mr. Chairman: All right. Thank you, gentleman and… Link to comment
SOCALHUSKER Posted June 8, 2009 Author Share Posted June 8, 2009 Fed Intends to Hire Lobbyist in Campaign to Buttress Its Image Link to comment
Recommended Posts