Wednesday, February 6, 2013

Sen. Paul Introduces Bipartisan Audit the Fed Bill

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Activist Post

Sen. Rand Paul has introduced the bipartisan Federal Reserve Transparency Act of 2013. Known widely as "Audit the Fed," the bill calls to eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve and mandating the Fed's credit facilities, securities purchases, and quantitative easing activities would be subject to Congressional oversight.

"The Fed's operations under a cloak of secrecy have gone on too long and the American people have a right to know what the Federal Reserve is doing with our nation's money supply," Sen. Paul said. "Audit the Fed has significant bipartisan support in Congress and across the country and the time to act on this is now."

During the 112th Congress, Audit the Fed legislation (H.R. 459) passed the House of Representatives handily, 327-98.

Sen. Paul's version, S. 209, currently has 19 bipartisan co-sponsors in the Senate and companion legislation was introduced earlier this year in the House of Representatives and currently has over 100 co-sponsors.

Below is text of Sen. Paul's legislation:

A BILL to require a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the ''Federal Reserve Transparency Act of 2013''.
(a) IN GENERAL.-Notwithstanding section 714 of title 31, United States Code, or any other provision of law, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 shall be completed within 12 months of the date of enactment of this Act.
(b) REPORT.-
(1) IN GENERAL.-A report on the audit required under subsection (a) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.
(2) CONTENTS.-The report under paragraph (1) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
(c) REPEAL OF CERTAIN LIMITATIONS.-Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after ''in writing.''.
(d) TECHNICAL AND CONFORMING AMENDMENT.- Section 714 of title 31, United States Code, is amended by striking subsection (f).
(a) IN GENERAL.-The Comptroller General of the United States shall conduct an audit of the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board of Governors of the Federal Reserve System against supervised financial institutions.
(b) CONTENT OF AUDIT.-The audit carried out pursuant to subsection (a) shall consider, at a minimum-
(1) the guidance given by the Board of Governors of the Federal Reserve System to independent consultants retained by the supervised financial institutions regarding the procedures to be followed in conducting the file reviews;
(2) the factors considered by independent consultants when evaluating loan files;
(3) the results obtained by the independent consultants pursuant to those reviews;
(4) the determinations made by the independent consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered to each homeowner; and
(5) the specific measures taken by the independent consultants to verify, confirm, or rebut the assertions and representations made by supervised financial institutions regarding the contents of loan files and the extent of financial injury to homeowners.
(c) REPORT.-Not later than the end of the 6-month period beginning on the date of the enactment of this Act, the Comptroller General shall issue a report to the Congress containing all findings and determinations made in carrying out the audit required under subsection (a).
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Anonymous said...

as wrote Edward Griffin in his book the creature of jekyll Island we need to move forward to abolish the fed, this the only way to fix this mess

"The danger in a proposal to audit the Fed is that it would
provide an excuse to delay serious action for several years while
the audit is going on. It would give the public a false impression
that Congress is doing something. It also would give the monetary
technicians an opportunity to lay down a smoke screen of verbiage
and confusing statistics. The public would expect that all the
answers will be forthcoming from the investigation, but the very
groups and combines that need to be investigated would be
conducting, or at least confounding, the investigation. By the time
fourteen volumes of testimony, charts, tables, and exhibits finally
appear, the public would be intimidated and fatigued. The bottom
line is that we do not need a bill to audit the Fed. We need one to
abolish it."

Anonymous said...

How many articles over the past year pimping this fraud have appeared at AP?
Dozens, hundreds? Why?

His despicable sellout to MONSANTO and other giant agri business corporate criminals was well documented.......not so much here, but elsewhere.
He voted, on the record in the Senate to

He bowed down to a 'foreign power' and signalled like all good Republicans that he will support Israel, that he will really really really support Israel.

Keep on believing in Santa Claus and the Easter Bunny and Rand Paul.........or live in the real world.

Anonymous said...

Like Anonymous said above, "WE NEED A BILL TO ABOLISH THE FED"
JFK signed E.O.# 1111O to do just that ane they killed him for it!!

stevor said...

More Blather.
It will NEVER happen. The banksters OWN the world and they wouldn't dare let on the the lemmings/slaves/peasants that it is so.

It will probably happen after Eric Holder is held for Fast and Furious and o'bama is held for using a fake SSI number that can't pass e-verify (which in all cases is NEVER)

Anonymous said...

Test. They keep removing posts.

Anonymous said...

Finally! hopefully. Let's make it happen ASAP.
If this bill can't get thru congress, then we know we've lost the country.

Anonymous said...

This bill will never pass. Take your money out of the banks, it's the only way to defeat them.

Anonymous said...

It is a catch 22 situation. If you take your money out of banks that will not solve the problem because the Federal Government will just keep on issuing more government securities in the form of treasury bills, treasury notes and treasury bonds, and the Federal Reserve will keep creating more money from debt on a printing press.

If you take your money out of the banks it depreciates due to devaluation of the dollar until you have a wheelbarrow of worthless Federal Reserve Notes.

The International Bankers own everything including you because all real and personal property is chattel liened property. You don't have alodial title or title absolute to any property. Even the gold at Fort Knox which I doubt is even there because there has never been audited nor has the gold in the Federal Reserve Bank in New York. All our gold has been mortgaged to the bankers.

If you don't pay tribute of subjects to the Federal State and local government collection agencies for the International Bankers, the government will confiscate your property. It is called legalized extortion.

The only solution is to abolish the Federal Reserve!

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