Audit the Fed?

[Unabogie]

So, I really don't know enough about this.

Introduced and championed by Sen. Bernie Sanders (I-VT), the "audit the Fed" measure has supporters on both sides of the aisle. However, the White House, the Fed and the financial industry staunchly oppose the measure. Sanders is trying to round up the 60 votes it need to overcome a likely filibuster. President Obama will likely be under intense pressure to veto the entire financial reform bill if "audit the fed" survives.

Are you for or against this provision?

Make your case here.

 

[Thunder]

sure....audit them. maybe we will find out something cool.

 

[Darth Rotor]

So, I really don't know enough about this.

Are you for or against this provision?

Make your case here.

I guess the question is: is the Federal Reserve bank currently exempt from independent auditors checking their books?

Yes or no.

If yes, why?

If no, then how often are they already audited, and to whom do those auditors report?

What level of transparency is there?

Without the answers to those questions, I don't think I could try to answer the question posed in the OP.

DR

 

[MattusMaximus]

I assume by "the Fed" we mean the Federal Reserve?

ETA: Plus what DR said. Part of me wonders whether or not this is just typical election-year boilerplate.

 

[The Central Scrutinizer]

They're looking for where the Jews are hiding the money!

ETA: It's already been discussed and destroyed here, with the usual nutjobs supporting it.

 

[Unabogie]

They're looking for where the Jews are hiding the money!

ETA: It's already been discussed and destroyed here, with the usual nutjobs supporting it.

Thanks, I'll take a look at that thread. I brought this up because this amendment has some serious momentum and looks like it will easily pass.

 

[Darth Rotor]

They're looking for where the Jews are hiding the money!

ETA: It's already been discussed and destroyed here, with the usual nutjobs supporting it.

Thanks, Scrut.

 

[Brainster]

This is one of those bills that keeps getting proposed and keeps getting voted down. It's popular with the kook left and the kook right and just about nobody else.

 

[Unabogie]

This is one of those bills that keeps getting proposed and keeps getting voted down. It's popular with the kook left and the kook right and just about nobody else.

Not exactly...

http://tpmdc.talkingpointsmemo.com/2010/05/sanders-fed-audit-amendment-likely-to-prevail.php?ref=fpa

"The way you would do it is to make sure that the audit is not looking at the open market policy, where you're not looking at how interest rates are set," Sen. Bob Corker (R-TN) said in response to a question from TPMDC, after a floor vote on a different amendment. "What you're doing is looking at the actual financial transactions that the Fed is involved in."


"It's my understanding he's working very closely--I've talked to him on the floor--with the Fed to try to get that part right," Corker said.

Seems like they're watering the idea down, but this looks likely. And after reading that other thread, it seems like a terrible idea, IMO.