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[bacasper]

[mises]

It's opposite day:

[bacasper]

The "Audit the Fed" bill, formerly HR 1207, has been incorporated into HR 4173 with a wording change, thanks to Barney Frank, that effectively guts it.

We've been duped...House version of HR 4173 does not have unconditional Fed Audit provision !!!

I just downloaded and scanned through the complete text of HR 4173 (the version that was referred to the Senate, by the House on Jan 20, 2010), from the following website:

http://www.govtrack.us/congress/billtext.xpd?bill=h111-4173

What I read from page 223, which contains the provisions to Audit the Fed, indicates that the provision that allows for unconditional audit of the Fed, has already been deceptively watered down, unlike what our Congress representatives claimed, in order to gain popular support for the bill.

Here is the provision in the bill that has been deemed by Congress representatives to supposedly include the provision from HR 1207, the Audit The Fed bill, which allows for an unconditional Audit of the Federal Reserve Banks:

(2) in subsection (b), by striking all after ��has consented in writing.�� and inserting the following:

��Audits of the Federal Reserve Board and Federal reserve banks shall not include unreleased transcripts or minutes of meetings of the Board of Governors or of the Federal Open Market Committee.


Here is the provision from the text of HR 1207, which REALLY allows for an unconditional audit of the Federal Reserve Banks:


(a) In General- Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after �shall audit an agency� and inserting a period.


Here is the current text from subsection (b) of section 714 of title 31, USC:


(b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing.


It can be seen from the comparison of the texts in the provisions of the above 2 bills that intend to ammend subsection (b) of section 714 of title 31, USC, with the existing text in the statute, that by just changing the location from where text is struck down from the existing statute, HR 4173 still keeps the requirement of needing a consent, in writing, from the bank, before the Comptroller General can audit the bank. In other words, the HR 4173 version that was passed by the house does not provide for an unconditional audit of the Fed.

Info to contact Congress at link

[mises]

And the Fed will be given the consumer protection agency in addition to more regulatory responsibility. Whatever. The only lesson these people learned from Enron is "don't accept responsibility".

[bacasper]

Yes, I am absolutely 100% behind the idea that we should either abolish the Fed or give it even more responsibility.



I hoped to end it, but expanding it is, you must admit, a change.

[mises]

You have to wonder how much worse the situation will be allowed to get before the Fed is reformed.

Anyways, why the support?

http://www.huffingtonpost.com/2009/11/18/economists-opposing-fed-a_n_362287.html
http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

[mises]

Ugh.

[mises]

1)
http://www.economist.com/business-finance/economics-focus/displayStory.cfm?story_id=15719180&source=hptextfeature

[bucheon bum]

Greenspan is simply trying to protect his rep and legacy before he says adios to this world.

[mises]

[The Happy Warrior]

In Greenspan's defense, he admitted ideology got in the way in Congressional testimony. Whereas so many would have lied, who could provide counter-evidence of the thoughts inside his head?, he flatly admitted his mistake.

Obama's economic policies are terrible.

[mises]

[mises]

I'm beating a dead horse:

http://www.calculatedriskblog.com/2010/05/fed-discussed-possible-housing-bubble.html?mod=bernanke.is.the.demon.spawn.of.greenspan

[bacasper]

One hundred years is a good lifespan. How about we work to end the evil institution that is the Fed, hopefully beginning with this bill, by 2013?

[mises]