Senate Accepts Expanded Fed Audit

The Senate will accept an expanded Federal Reserve audit proposal from the House as part of Wall Street conference committee deliberations, Sen. Chris Dodd (D-Conn.) told the panel Wednesday evening.

The House proposal allows repeated future audits of discount window and open market transactions, whereas the Senate proposal had only allowed a one-time audit.

The Senate's provision had already been stronger than what the Federal Reserve and Treasury Department had previously been willing to accept.

The details of the final proposal are still being worked out, but momentum is with advocates of Federal Reserve transparency. Depending on the specific language, however, Fed critics are worried the House proposal will still allow the Fed to keep information secret by keeping certain operations ongoing.

Comments

[JoeLeland]

10:09 PM on 07/17/2010

“I can not say it any better than Lincoln, Jefferson and Garfield and so many others. I can say this, that The Federal Reserve is a privately owned bank that loans money to the government with interest, has no quarterly public audit, and no disclosure of it's members and their interests. And like so many have said now and in our history, that these being true, provides them with power over legislation and commerce. And this must change, beginning with public quarterly audits and full disclosure of it's members. "Highlights" A new independent office would "oversee" financial "products" and services such as mortgages, credit cards and short-term loans. The office would be housed in the Fed. I'll express this in carpenter's logic. The Federal Reserve which is privately owned by the Big Banks, has no audit or disclosure of it's members is going to oversee a new "Independent" office housed in the Federal Reserve which has no audit or disclosure of it's members and their interests is going to "oversee" financial "products" and services such as mortgages and loans etc.... What would Orwell call this? In carpenter speak I call it BS.

[hrpmap]

10:00 PM on 06/19/2010

It's limited and not ongoing. Expaned from what too what? From the fed thumbing their nose at us, to a quick glimpse. Then back to their business as usual and we know how that went, since we are living it right now.

[Someone With Inside Info]

05:19 PM on 06/18/2010

It only took him like 20 years of beating this dead horse to life, so say it with me everyone:

"Thank you Ron Paul!"

[Global Justice]

04:50 PM on 06/18/2010

Why does the United States Congress have to get permission from the Federal Reserve and Treasury to audit the Federal Reserve, when the United States Constitution give responsibility for banking functions to Congress? The passage of the Federal Reserve Act did not change that. Only a constitutional amendment can put the Federal Reserve legally in charge of the U.S. banking function and none has been sought. Even though the Federal Reserve claims it is policy, when you can issue paper currency at your discretion, you are in charge of the bank.

[lightningbolt]

07:12 AM on 06/18/2010

The expanded Fed audit is a significant victory for the people. Since the Federal Reserve's creation, there hasn't been a single Congressional audit of it. It is time to find out what is going on with our monetary policy.

[Dhammi]

09:53 PM on 06/17/2010

Again I say - what a concept!

This should have been done yearrrrrrrrrs ago (and often).

[sparky73]

05:49 PM on 06/17/2010

Thats great news.

[hellboundtrain]

01:41 PM on 06/17/2010

That which a past congress allowed in 1913 loves you
and is eating you alive!

[kinogod]

01:09 PM on 06/17/2010

You know Dodd is chokin' on that piece of gristle goin' down. Like frank he is workin' overtime for his paymasters to make weaken as much as much as possible any financial reform. Dodd.

[naturallight]

12:42 PM on 06/17/2010

400 comments/ story filed last night at 7 pm. Guess most readers around here are confusing what is massively important with Justin Bieber and BBQ rib articles. Who'd a thunk it!

[oldcliche]

04:10 PM on 06/17/2010

BBQ ribs, where?

[Lookouts]

11:32 AM on 06/17/2010

Senator Dodd can't be trusted at all he is part of the problem with all these fake politicans being brought by corporate!

[naturallight]

12:29 PM on 06/17/2010

they s canned Rob Paules bill so this is meaningless. as in devoid of meaning. watch Ratigan he will tell da truf! unlike any other m.s. bozo's...

[robsreports]

10:47 AM on 06/17/2010

Expanded audit? So now they can audit their coffee fund?

[mero909]

11:38 AM on 06/17/2010

I think it means that more audits than the "one-time" audit that the bill proposed.

[TeaLady005]

10:41 AM on 06/17/2010

91 banks missed their last TARP payment to the taxpayers.

68 banks have missed the last TWO payments on their TARP loans.

This economy is in very serious trouble!

http://www.cnbc.com/id/37732312

[Manq]

11:15 AM on 06/17/2010

Hence Obama pushing Congress for the $50bil small biz loan package.

[undecider]

10:37 AM on 06/17/2010

Can we include a Public Option to not pay income tax?

[mero909]

11:40 AM on 06/17/2010

co-sign

[naturallight]

12:34 PM on 06/17/2010

the entire revenue taken in by federal income tax remarkably only covers the debt created by the FED when charging us interest to print our OWN money. FED= private bank CARTEL. "Good deal for you! Better deal for me!"

audit the fed/ nuke the fed. throw the money changers out of the temple. restore usury law.

[TeaLady005]

03:44 PM on 06/17/2010

The Tea Party believes the IRS should be abolished and replaced with a national flat fair tax on all purchases except for food and utilities!

[hrpmap]

04:43 PM on 06/17/2010

The fairtax as proposed would be on new items only. the purchase of used items would be exempt. And there is a prebate to insure that no one pays tax on the necessities of life, I'm for it.

[TeaLady005]

10:28 AM on 06/17/2010

First we must audit the privately owned FED and then abolish them! Why do we pay a group of men interest to print our currency when our Treasury Department should be doing this as authorized under our Constitution?
I want this audit to show exactly how much money this private group of bankers received from us taxpayers.

Most importantly, I want the names of these private bankers listed, how much each received, and what countries they are from.

End the FED and issue a new currency tied to the gold standard as we once had !

[direct democracy]

10:31 AM on 06/17/2010

I'm a progressive and I agree with the TeaLady on this.

[Manq]

11:18 AM on 06/17/2010

Amen. We all should be able to agree how ridiculous it is that we taxpayers pay billions of dollars per year in interest to private bankers that do the job our own government is supposed to be doing.

When the Fed books get opened it is going to be UGLY BIG TIME! Either Obama is going to have to cover up what gets found or there is going to be huge anger at bankers around the world over the cozy relationships they have and payoffs between governments (outside of public view) and big banks all paid for with undeclared inflation.

[hypnotoad72]

08:29 PM on 06/17/2010

Same here!

[mero909]

11:40 AM on 06/17/2010

I'm conservative (libertarian) and I agree with this.