The FED does not want to be AUDITED - New England Patriots Forums

***NEPatriot*** · 06-08-2009, 04:09 PM

Moneynews - Elias: Who Will Buy Our Debt?

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Pay attention to H.R. 1207, the Federal Transparency Act of 2009. This piece of legislation resides in the financial services subcommittee of the U.S. House of Representatives and would require an official audit of the Federal Reserve Bank.

Currently, the Fed excludes itself from this practice by exercising legal options. It would be advantageous to the country if the Inspector General can offer a definitive accounting of the $2 trillion on-budget entries, as well as the $9 trillion off-budget ones.

Nobody knows where all the money goes. Is it GREAT????? What does the Fed do? They hire a lobbyist to deal with it.

Fed hiring veteran lobbyist: source | Politics | Reuters

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The U.S. Federal Reserve is on track to hire a veteran lobbyist to help manage its relations with Congress at a time of heightened attention to its role in national affairs, a source familiar with the situation said on Friday.

The Fed plans to hire Linda Robertson, who previously worked for now-defunct energy company Enron, as well as the Clinton administration.

The Fed believes it will be useful to add to its resources at a time when there is great public and congressional interest in the institution, the source said.

Members of Congress have chafed at the Fed's bold use of its emergency powers and in particular its multibillion-dollar bailouts of investment bank Bear Stearns and insurer American International Group.

Critics also bristle at the Fed's practice of maintaining the confidentiality of the companies that borrow directly from the central bank on the grounds that divulging their names would risk runs on those institutions.
Many lawmakers and private analysts also fault the Fed for failing to stop risky lending and flawed market practices that laid the groundwork for the crisis.

A non-binding budget bill approved by Congress in April opened the door for lawmakers to seek disclosure of the names of firms that receive emergency Fed loans and paves the way for a possible study of the Federal Reserve System's structure of 12 regional banks and a Washington-based board.

What is going on in Capital Hill? Why does the fed not want everybody to know what it's doing?

***Patters*** · 06-08-2009, 04:40 PM

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Originally Posted by NEPatriot

Moneynews - Elias: Who Will Buy Our Debt?

Nobody knows where all the money goes. Is it GREAT????? What does the Fed do? They hire a lobbyist to deal with it.

Fed hiring veteran lobbyist: source | Politics | Reuters

What is going on in Capital Hill? Why does the fed not want everybody to know what it's doing?

The fed should certainly be audited. Let's hope Congress has the guts to stand up to them, but as the arbiter of our capitalist system, they have plenty of very powerful friends both in Congress and on Wall Street.

scott c · 06-08-2009, 04:58 PM

Whats new???Lets all feed at the trough....screw the people by the people....WE ARE ALL FOOLS......

***NEPatriot*** · 06-08-2009, 08:03 PM

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Originally Posted by scott c

Whats new???Lets all feed at the trough....screw the people by the people....WE ARE ALL FOOLS......

Some of us WERE when they VOTED for Obama.

alvinnf · 06-08-2009, 08:14 PM

Nor do I.

scott c · 06-09-2009, 04:54 PM

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Originally Posted by NEPatriot

Some of us WERE when they VOTED for Obama.

What has this to do with Obama....? Oh wise Ivy league spelling champ.....I hate to tell you but you probably dont even make enough money to be a republican....you just dont know it........

Holy Diver · 06-09-2009, 05:03 PM

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Originally Posted by Patters

The fed should certainly be audited. Let's hope Congress has the guts to stand up to them, but as the arbiter of our capitalist system, they have plenty of very powerful friends both in Congress and on Wall Street.

The Raw Story House committee subpoenas Federal Reserve