Romney supports audit of the Federal Reserve - New England Patriots Forums

***patsfan13*** · 08-20-2012, 04:53 PM

Romney is providing some pleasant surprises so far.

Romney supports audit of the Federal Reserve - Washington Times

Quote:

"Very plain and simple, the answer is yes. The Federal Reserve should be accountable. We should see what they're doing," Mr. Romney, the presumptive Republican presidential nominee, said at a town hall in New Hampshire.

Mr. Paul, the Texas congressman who is still technically in the running for the Republican nomination, though he does not have the delegates to win it at next week's convention, made an audit of the Fed a chief part of his campaign.

Earlier this year, the House passed Mr. Paul's bill to grant the Government Accountability Office the power to conduct such a broad audit, though Senate Democrats have shown no inclination to bring that bill to the floor.
Still, the issue has gained political currency after the Wall Street collapse and after a previous more limited GAO audit found the Fed had used extraordinary powers during in the aftermath of the financial mess.

***IcyPatriot*** · 08-20-2012, 05:15 PM

Quote:

Originally Posted by patsfan13

Romney is providing some pleasant surprises so far.

Romney supports audit of the Federal Reserve - Washington Times

Political dog and pony show that won't go anywhere. I've been following the Ron Paul part of this for a while ... the bill has no teeth. The fed already coughs up reports to Congress. Word has it the Senate will not go along and so far it has not. So it makes congress look good ... a good show.

The only way to get it through the democratic senate is to attach it to another bill. The GAO and an independent firm already audit the fed's financials. Paul's bill would expose the behind the doors policy decisions which the fed is loathe to reveal.

The fed does not want politics to enter into it's decisions. They feel that would alter their decisions for the worse. They want to make decisions based on what they think is best for the economy. Hard to see where politics does not enter into this though ... so I'm 50/50 on the excuse bad/good.

***patsfan13*** · 08-20-2012, 05:18 PM

Well if the same party controlled the congress senate and executive, with the President supporting the audit it would happen.

wistahpatsfan · 08-20-2012, 05:22 PM

Quote:

Originally Posted by patsfan13

Well if the same party controlled the congress senate and executive, with the President supporting the audit it would happen.

That's a lot of "ifs".

***IcyPatriot*** · 08-20-2012, 05:23 PM

Quote:

Originally Posted by patsfan13

Well if the same party controlled the congress senate and executive, with the President supporting the audit it would happen.

Sounds good PF13 but then again the 2 times we have had that in recent years both times they took advantage of things and dropped the ball. The GOP had it with their contract with America and Reid/Pelosi had it for 2 years and used it to write bills and policy behind closed doors without deliberation.
I don't trust that setup ever again ... just me being me.