Senate voted 96-0 to audit Fed?

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Offline kasmok

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Senate voted 96-0 to audit Fed?
« on: May 11, 2010, 11:33:15 PM »
Alan Grayson just sent out this email:

Dear A-,

The Senate just voted, 96-0, to audit the Federal Reserve. Soon, we will know what the Federal Reserve did with the trillions of dollars that it handed out during the financial crisis.

A few months ago, such a vote would have been unthinkable. One senior Treasury official claimed he would fight to stop an audit 'at all costs'. Senator Chris Dodd predicted that an audit would spell economic doom, while Senator Judd Gregg attacked accountability for the Fed as "pandering populism".

Today, both the Treasury Department and Senator Dodd support this amendment. As for Judd Gregg, he was just on the floor of the Senate discussing -- of all people -- 19th century populist Presidential candidate William Jennings Bryan.

What happened?

People Power is what happened. We built a coalition of people on the right and the left, ordinary citizens and economists, ex-regulators and politicians, all with one question for which we demanded an answer: "What happened to our money?"

No longer can Ben Bernanke get away with saying, "I don't know."

Now, we're going to know who got what, and why.

Releasing this information will show that the Federal Reserve's arguments for secrecy are -- and have always been -- a ruse, to cover up the handing out of hundreds of billions of dollars like party favors to the Wall Street favorites who brought the American economy to the brink of ruin.

But our work isn't quite done. The Senate audit provision isn't as strong as what we passed in the House. The Senate provision has only a one-time audit, whereas what we passed in the House would allow audits going forward. There will be a conference committee that will merge the provisions from the two bills.

The need for audits and oversight over Fed handouts going forward is great. The financial crisis isn't over, and neither are the Fed's secret bailouts. Earlier this week, the Federal Reserve announced it was going underwrite the Greek bailout by lending dollars to the central banks of Europe, England, and Japan. The loans may never be paid back, the Fed accepts the risk that the dollar will strengthen in the meantime, and the interest rate charged by the Fed is very likely at below-market rates. So such loans are in effect just a subsidy, to bail out foreigners.

The Fed has not been chastened. It is bolder and more of a rogue actor than ever. It's clear that without full audit authority going forward, the Fed will continue to give out "foreign aid" without Congressional or even Executive permission.

And it will do so in secret.

So we will be fighting on to get a full audit from the conference committee.

But let's not lose sight of what we have accomplished so far - real independent inquiry into the Fed, and its incestuous relationships with Wall Street banks. For the first time ever.

Our calls, emails, lobbying, blogging, and support really mattered. We made it happen.

Today, we beat the Fed.

Courage,

Alan Grayson

Offline TahoeBlue

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Re: Senate voted 96-0 to audit Fed?
« Reply #1 on: January 04, 2017, 02:25:46 PM »
bump
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline fred.greek

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Re: Senate voted 96-0 to audit Fed?
« Reply #2 on: January 04, 2017, 09:14:37 PM »
Nearly six years ago, and no audit yet.  Wake up people.
Retired but still working in the garden...

Offline windyacres

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Re: Senate voted 96-0 to audit Fed?
« Reply #3 on: January 04, 2017, 11:35:49 PM »
With audits, any audit ,  one must then "audit that audit"
need 3 good audits by other sources to come up with the
cooked books dollar amount that got sucked into a black hole.
(AKA: Numerous pockets )   Never trust just "one" audit.
Be Prepared

Offline windyacres

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Re: Senate voted 96-0 to audit Fed?
« Reply #4 on: January 05, 2017, 12:13:05 AM »
‘Audit the Fed’ bill gets new push under Trump

   

The Hill
January 4, 2017

Controversial legislation to subject the Federal Reserve’s monetary policy powers to outside scrutiny is getting new life in Washington.

Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.) have re-introduced legislation to “Audit the Fed,” after a similar effort stalled in the last Congress.

But such a proposal, which has been vocally opposed by Federal Reserve Chairwoman Janet Yellen, may face its best odds ever of becoming law. Both chambers are controlled by Republicans long critical of the Fed’s policies, and President-elect Donald Trump has heaped scorn on the central bank since the beginning of his presidential campaign.

Paul specifically mentioned Trump in a statement about the bill Wednesday, making clear the measure’s proponents believe they have an ally in their cause coming to the White House.

Read more -

http://www.prisonplanet.com/287226.html

Be Prepared

Offline JT Coyoté

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Re: Senate voted 96-0 to audit Fed?
« Reply #5 on: January 06, 2017, 02:14:21 AM »
‘Audit the Fed’ bill gets new push under Trump

   

The Hill
January 4, 2017

Controversial legislation to subject the Federal Reserve’s monetary policy powers to outside scrutiny is getting new life in Washington.

Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.) have re-introduced legislation to “Audit the Fed,” after a similar effort stalled in the last Congress.

But such a proposal, which has been vocally opposed by Federal Reserve Chairwoman Janet Yellen, may face its best odds ever of becoming law. Both chambers are controlled by Republicans long critical of the Fed’s policies, and President-elect Donald Trump has heaped scorn on the central bank since the beginning of his presidential campaign.

Paul specifically mentioned Trump in a statement about the bill Wednesday, making clear the measure’s proponents believe they have an ally in their cause coming to the White House.

Read more -

http://www.prisonplanet.com/287226.html

Donald Trump's stand on the "fed-res" is pretty much public and has been for a long time... Here's a great article from Alex Newman on the subject of Trumps skeptical eye on this private usury fraud... from Sept. 8, '16...

http://www.thenewamerican.com/economy/economics/item/24019-blasting-false-economy-trump-takes-on-the-federal-reserve

JTCoyoté

"Reason and free inquiry are the only effectual
agents against error... They are the natural enemies
of error, and of error only... If [it] be restrained now,
the present corruptions will be protected, and new
ones encouraged."
~Thomas Jefferson:
Notes on Virginia, 1782.