Thomas Jefferson
Posted on 02/25/2015 5:08:11 PM PST by cotton1706
Your version of the Constitution might only reference three branches of the federal government, but in reality there is a fourth branch – the Federal Reserve.
Yesterday, Federal Reserve Chair Janet Yellen made it clear that the Fed should continue to operate autonomously without any congressional oversight – as if it were another independent branch of government on par with the Supreme Court.
Testifying before the Senate Banking Committee, Yellen decried the bill to audit the Fed (S. 264), calling it "a bill that would politicize monetary policy."
Well, Ms. Yellen, don’t you think the people’s representatives should have some oversight, much less input, into an unelected fourth estate that holds $4.5 trillion in assets? After all, the Fed was created by an act of Congress in 1913, not by the Constitution. But Yellen believes that she is entitled to wield more power than the president and have the authority to manipulate our economy with endless stimulus, near-zero interest rates, and asset bubbles, while growing government on the cheap and redistributing wealth from savers to borrowers – all without congressional oversight. ‘Mind your own business, Congress,’ was essentially the gist of Yellen’s testimony.
Amazingly, Sen. Bob Corker (R-TN) (56%, F) agreed with Yellen at the hearing that Congress should not audit the Fed because, he said, “it would put pressure on Fed members relative to monetary policy.”
A monetary supreme court, indeed!
(Excerpt) Read more at conservativereview.com ...
They could always revoke her Charter.
Then the old corpse would be out of a job.
Seriously, has anyone seen any living person be as ‘dead’ looking as she is. If I saw her in my back yard after dark, I’d probably shoot her in the head, because I’d think she was a damn zombie or something.
Old Yellen shes nuthin but a Hound Dog.
BARROOOOOOO!
Hey, Jan. SCREW YOU!!
I didn't realize it was "Hers' "
I thought it belongs to :"We the people"
Now , more than ever , the FED is in need of an audit, as many of its' actions are 'suspect'. !
I am no fan of the Fed, but we are 500 times better off without Maxine Waters and her ilk gassing about and holding hearings on whatever she imagines in her peanut brain what the Fed is or does.
abolish the fed
In past eras, one of the quickest ways to put yourself on a fast train out of Washington DC was to tell Congress to “butt out” of whatever you were doing.
Yellen is Holleren
But that was before Congress became the feckless caricature of itself it is now.
Why should’nt she tell Congress to butt out; Congress des the bidding of the F.C.C. and always their Lord-n-Master Obama. Once upon a time, Agencies got their funding from Congress and were accountable to them too. Now Congress is told to F’ off [and they do]. I think Congress is downstream of their building maintenance crew.
Yellen looks like some weird guy with a bad haircut.
what would an audit accomplish?
are there accounting rules specifically governing the Fed?
“what would an audit accomplish?
are there accounting rules specifically governing the Fed?”
EVERY government agency should be audited from time to time. It’s in the interest of the people. The only way to TELL if any shenanigans are going on is through an audit.
Every Fed bank is audited once a year by an outside CPA firm and overseen to the limit of the law by the GAO. What more are you looking for.
again I ask........ audited against what rules?
Unlike other government entities, the Fed has no budget for the banking activities to uncover theft or misapplication of taxpayer funds
I don’t disagree with your point that there should be audits, there actually are I believe, but for the fed, what are the criteria? what accounting rules govern?
FR: Never Accept the Premise of Your Opponent’s Argument
Note that the delegates to the Constitutional Convention had decided not to grant Congress the power to establish a national bank.
“A proposition was made to them to authorize Congress to open canals, and an amendatory one to empower them to incorporate. But the whole was rejected, and one of the reasons for rejection urged in debate was, that then they would have a power to erect a bank, which would render the great cities, where there were prejudices and jealousies on the subject, adverse to the reception of the Constitution [emphasis added].” —Jefferson’s Opinion on the Constitutionality of a National Bank : 1791.
Note that President Madison had signed a bill to establish a national bank. But Madison had done so only as a last resort under the “Necessary and Proper Clause” (1.8.18) to facilitate economic recovery as a consequence of the War of 1812.
I’m an accountant. I would begin with the most basic rule. All funds coming in and out would be followed back to their sources and forward to their destinations, to determine discrepancies, and any possible fraud. Are funds being booked to appropriate accounts etc. Whether the Fed has a budget is immaterial.
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