House Financial Services Committee approved Ron Paul “Audit the Fed” * House Attacks Fed * Call for Geithner to Quit *
Critical Vote on Audit the Fed!
Congressman Paul will offer an amendment in Committee restoring an audit of the Fed’s entire $2 trillion balance sheet, but we have received word that some of the Democrat members may be waffling on their support for his amendment.
For example, Watt’s amendment prevents the GAO from auditing or reviewing decisions to authorize, modify, extend, or terminate loans or liquidity facilities.
Fed balance sheet can be audited, panel says
WASHINGTON (MarketWatch) – A key congressional committee approved legislation on Thursday that would allow for government audits of Federal Reserve monetary policy as well as how much the central bank has lent and will lend to specific banks in response to the financial crisis, despite major opposition from the central bank. The measure, introduced by Rep. Ron Paul, R-Texas, has the support of 309 members of Congress.
House Attacks Fed, Treasury
Panel Votes for Tighter Political Rein on Central Bank; Some Call for Geithner to Quit
WASHINGTON — Political frustration over the rescue of Wall Street and high unemployment erupted in Congress Thursday, with one committee threatening to impose tighter scrutiny on the Federal Reserve and another excoriating Treasury Secretary Timothy Geithner.
The House Financial Services Committee voted, 43-26, to approve a measure sponsored by Texas Republican Ron Paul, vociferously opposed by the Fed, that would direct the congressional Government Accountability Office to expand its audits of the Fed to include decisions about interest rates and lending to individual banks. The Fed says the provision threatens its ability to make monetary policy without political interference.
Treasury chief Geithner faced a House Republican who told him, ‘The public has lost all confidence in your ability to do the job.’ He shot back: ‘What I can’t take responsibility is for the legacy of crises you’ve bequeathed this country.’
The vote was the latest blow to the central bank, which has been become a lightning rod for politicians responding to popular anger that Wall Street was bailed out while the public was not. The Fed faces a stinging backlash from legislators from both parties who argue that has too much power and too little oversight. On Thursday, the Senate Banking Committee began debating legislation that would largely remove the Fed from bank supervision over the objections of both the Fed and the Obama administration.
The Paul-Grayson Amendment
by Ron Paul and Alan Grayson
“It is encouraging to see the issue of Federal Reserve transparency receiving so much attention during this current markup. Today we plan to offer an amendment to the Financial Stability Improvement Act that expands on the many extant proposals to enhance Federal Reserve transparency. Our amendment is based on HR 1207, the Federal Reserve Transparency Act, which has broad bipartisan and grassroots support. The bill is cosponsored by 309 Members of Congress, including all Financial Services Committee Republicans and 13 Financial Services Committee Democrats.
The amendment removes restrictions on GAO audits of the Federal Reserve, as HR 1207 does, but makes a few changes to take into account some of the concerns that the Fed has made known in public testimony.
Unlike proposals that target the Fed’s 13(3) facilities, the Paul/Grayson amendment opens up the entire $2 trillion Federal Reserve balance sheet to a GAO audit.
Mr. bernanke, do THEY have OUR gold? or did THEY sell it to Europeans for $35/oz within years of being CONFISCATED from the American people at $25/oz after THEY bankrupted us in 1933?
Learn more about the corrupt “Federal Reserve System”:
http://americanbuilt.us/videos/federal-reserve-system.shtml







