Let the Sun Shine In those who have nothing to hide, hide nothing!
With well over 230 co-sponsors on both sides of the aisle in the House of Representatives, Texas Congressman Ron Paul’s effort to force an audit of the Federal Reserve is being led in the Senate by none other than South Carolina conservative Sen. Jim DeMint.
Last month, DeMint became the first Republican senator to support Senate Bill 604, the Federal Reserve Sunshine Act of 2009, and since then has talked extensively on radio and television about the importance of transparency with regard to the Fed. Yesterday, however, he took it a step further, attempting to attach the full text of S. 604 as an amendment to an appropriations bill, but the effort was blocked by Democratic Party leadership in the Senate, which refused to even allow a vote on the amendment.
Such a refusal was rationalized by the argument that DeMint was essentially attempting to legislate on an appropriations bill, a no-no which violates Senate Rule 16, which governs appropriations and amendments to general appropriations bills. DeMint, however, did not waver. He was prepared with a list of several other similar Government Accountability Office audits contained in the appropriations bill, rattled them off one-by-one, and pointed out that using the same argument advanced and embraced by Senate Democratic leadership moments earlier, each and every one of the GAO audits would also run afoul of Senate Rule 16.
By doing so, he forced Senate Democrats to essentially acknowledge that their objection to the amendment was not at all about procedure or Senate rules, but rather about an overt refusal to permit an audit of the organization so graciously and mysteriously assisting the elected left with the advancement of their agenda.
The Federal Reserve has failed to account for nine trillion dollars—that’s $9,000,000,000,000, or approximately $30,000 for every single living man, woman and child—but has never in its history been subject to an audit.
The American people deserve to know what’s going on, and how this opaque institution has squandered our currency and our future. I am delighted to know that Jim DeMint is spearheading this effort in the Senate, and I hope that Republicans ensure that the very same amendment is proposed alongside each and every piece of legislation possible until it is passed.
Speaking on the Senate floor, Republican Senator Jim DeMint and supporter of an audit said, “allowing the Fed to operate our nation’s monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life.”
Charles Ortel, managing director with Newport Value Partners, an independent research firm, agrees. “Transparency is the key to any market,” he says, noting the Fed doesn’t mark-to-market its assets, much of it now consisting of the worst toxic debt Wall Street had to offer.
If you do not understand why this affects you let Senator D explain it to you. I believe their is a more sinister reason like dirty durbin said frankly the banks own the place. Pretty soon the dollar will not be worth one RED cent. If you would like to add your voice to fellow citizens calling the audit please go here.
http://finance.yahoo.com/tech-ticker/article/275761/Ron-Paul-Is-Right!-We-Should-Audit-the-Fed
http://www.reuters.com/article/newsOne/idUSTRE5682QS20090709
http://www.cnbc.com/id/31204170
http://www.americasright.com/2009/07/demint-proposes-amendment-to-audit-fed.html
http://www.youtube.com/watch?v=zWobmdjieHQ&feature=channel
http://www.businessinsider.com/henry-blodget-is-obama-in-wall-streets-pocket-2009-4
Bad math, LOL!
or approximately $30,000 for every single living man, woman and child—but has never in its history been subject to an audit.
In 1978 Congress passed the Federal Banking Agency Audit Act (31 USCA §714). It placed the Federal Reserve System back under the auditing authority of the GAO. The Act significantly increased the access of the GAO to the Federal Reserve Banks, the Board, and the Federal Open Market Committee (the FOMC). Since then, the GAO has conducted over 100 financial audits and performance audits of the three Federal Reserve bodies.
Check it out! Page 5, PDF file
The most recent audit was done on their books on Dec 31, 2008.
Charles Ortel, managing director with Newport Value Partners, an independent research firm, agrees. “Transparency is the key to any market,” he says, noting the Fed doesn’t mark-to-market its assets, much of it now consisting of the worst toxic debt Wall Street had to offer.
Why does the Fed need to mark-to-market its assets? Do they have loan covenants that require it? Shareholders that need this info?