Senate Democrats come out against Fed audit bill

[Omaha Steve]

Source: Reuters

BY MICHAEL FLAHERTY

Democrats on the Senate Banking committee on Wednesday voiced opposition to a bill that would expose the U.S. Federal Reserve to a full government audit.

The support from Democrats shows they are starting to form a united front against Republican-led efforts to open the Fed's internal discussions of interest rate and other policy matters to the public.

Republicans say the Fed needs greater transparency after it gained too much power during the financial crisis. Fed officials say exposing policy discussions to public scrutiny would increase political pressure on the independent government body.

Republican Senator Rand Paul, a potential 2016 presidential candidate, re-introduced his audit the Fed bill last month. With Republicans now in control of the Senate, and given Paul's wider profile, central bank officials worry the audit effort has a greater chance of gaining ground this year. The process could begin with the Senate Banking committee, which is expected to take on Fed transparency. There is already widespread support in the House for a Fed audit bill.

FULL story at link.

http://s3.reutersmedia.net/resources/r/?m=02&d=20150211&t=2&i=1024320740&w=580&fh=&fw=&ll=&pl=&r=LYNXMPEB1A155

The sun rises to the east of the U.S. Federal Reserve building in Washington, July 31, 2013.
CREDIT: REUTERS/JONATHAN ERNST/FILES

Read more: http://www.reuters.com/article/2015/02/11/us-usa-fed-audit-idUSKBN0LF2K220150211

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Audit sounds good to me!

[corkhead]

1. ...except if repubs are in favor of it, there must be a reason it's a bad idea

[brett_jv]

6. Could be a way to ... I dunno ... make Obama look bad?

Somehow?

I mean, is there EVER EVER EVER ... ANY ... other reason for the Congressional Repukes doing ANYTHING?

Well, apart from enriching their crony friends, of course, that goes without saying ...

And oppressing everyone who's not a rich white man, of course ...

Given neither would apply here, seems pretty axiomatic to me that if they're asking for an audit, they think it could imply (not show, mind you, but imply) malfeasance on teh part of the commie muslim in the WH, right?

[1StrongBlackMan]

12. I read an OpEd piece yesterday that had a line that I just loved ...

&quot something to the effect of) The republicans never miss any opportunity to pursue something they think will make President look bad ... by making themselves look worse."

[ReRe]

2. Wonder what William Greider thinks about this?

Bet he posts a commentary on it in the Rolling Stone or The Nation soon.

[GoneFishin]

3. The Conservadems' ties to Wall Street are no secret. As far as Rand Paul's position, this is a

case of the broken clock being right twice a day.

I think the Fed's incestuous relationship with the banks is disgusting, and it should be audited.

[Android3.14]

4. If we had a government that wanted to do it right, they would audit

Some of these folks are just nasty.

[davidthegnome]

5. Forget the audit - DISMANTLE IT

The federal reserve is not actually federal, or actually a reserve. Time for these game playing money sucking shits to crawl under a rock somewhere.

[DeSwiss]

7. !

- I can think of no better time for us to cut them loose than now when they're unequivocally bankrupt.

In every sense of the word.......

[1StrongBlackMan]

13. You do realize that the Fed ...

is the US' central bank, right?

Once the Fed is dismantled, how does the US, including you and me, conduct economic transactions?

[davidthegnome]

16. It is long past time...

For this "central bank" to be dismantled and rebuilt and regulated in a way that puts a stop to their current practices. Now I don't know what steps would need to be taken, or the technical particulars of how it would be done - but it needs to be. We're talking about something that is way the hell beyond corrupt and broken - the fact that it is the US central bank just makes it all the worse.

[1StrongBlackMan]

18. Okay. n/t

[DeSwiss]

8. ''Audit sounds good to me!''

- Of course it does Omaha Steve. I does to all the uncorrupted. For a Ponzi to work you need suckers who have no idea of what's going on, or the Ponzi won't work at all. And the Democrats on the Senate Banking Committee are saying that's our job.

This is what Elizabeth means when she says: ''It's rigged.''

K&R

Check who the contributors are to their campaign in the next funding report cycle.......

[pampango]

9. Sen. Warren Opposes Paul's ‘Audit the Fed’ Bil

Sen. Elizabeth Warren (D., Mass.), a member of the Banking Committee and an outspoken critic of the Fed’s oversight of big banks, said she does not support Mr. Paul’s proposed legislation, which she said could have “dangerous” implications for monetary policy.

“I strongly support and continue to press for greater congressional oversight of the Fed’s regulatory and supervisory responsibilities, and I believe the Fed’s balance sheet should be regularly audited – which the law already requires,” Ms. Warren said in an emailed statement. “But I oppose the current version of this bill because it promotes congressional meddling in the Fed’s monetary policy decisions, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy.”

http://blogs.wsj.com/economics/2015/02/10/sen-warren-opposes-audit-the-fed-bill/

[Omaha Steve]

11. Thank you

Glad you found this info.

[1StrongBlackMan]

14. Oops ...

I guess Comment #8 missed that.

[L0oniX]

10. Audit the Pentagon too while their at it.

[1StrongBlackMan]

15. No ... Audit the Pentagon, instead. n/t

[Cayenne]

17. Add Fort Knox to