The Federal Reserve was created by legislative act in an excercise of legislative power. Their is nothing unconstitutional about the legislature creating the federal reserve.
True. The Fed, Fannie, Freddie and a host of other legal entities were and can be created by Congress.
The Federal Reserve and it’s components are all audited by independent audit organizations, most if not all by Deloitte Touche. Audit reports of each of the 9 federal reserve banks are available online.
The Fed is audited in accordance with generally accepted accounting principles (GAAP). This is simply a process of validating stated asset values, correctly measuring outstanding liabilities, and calculating revenues & expenses to determine any increase/decrease in equity.
As we have seen with the suspension of mark-to-market, accounting rules determine the full extent of stated financial values; it's nothing more than complete manipulation.
In addition there is an inspector general that performs internal audits.
Again, merely an exercise in assessing stated financial values, with a little internal control thrown in. (To guard against embezzlement, fraud, etc.)
Congress exempted the Federal Reserve from congressional audits to protect their activities from being political footballs, especially during times of crisis. But that they are not subject to congressional audits, does not mean that they are not subject to audits. They are subject to both internal and external audits.
The Fed Reserve Act was written by bankers. It is critical for the proper function of central banks to operate in secrecy, because if the secret of how the money credit system really operates ever got out, there would a revolution.
The Congressional audit is a proposal to audit the Fed in conjunction with stated Constitutional provisions. It is not a financial audit; rather, it is a LEGAL audit.
Your attempt at throwing up various red herrings to misdirect the average FR reader is a pale imitation of the truly professional methods used to manipulate and control the public through mass media.
It's why the bankers fund department chairs & the faux Noble prize in economics in order to achieve the illusion of 'expertise' from various purveyors like Stiglitz & Krugman.
However, with all this being said, we don't really need to audit the Fed. We need to END the Fed, which, at the rate things are going, is going to occur fairly shortly. The entire game of rolling forward un-payable principal+debt, generation after generation, is nearing the end of its grand super-cycle.
Each time it appeared to run out of steam in the past, there was always some other growth function to save the day. Whether it was 'discovering' a brand new continent, exploiting fossil fuels (first coal, then oil), or engaging a huge country (China) to produce trinkets for pennies, this time the gig really is up.
Without cap n' trade or some other artificial mechanism in which to depreciate the currency and re-inflate fake asset values, this whole mofo is coming down.
You can learn about how the money credit system really operates in any MacroEconomics course. Most people who go to college take one and understand it. And despite that, there has been no revolution.
What??? Cap n' trade is not going to depreciate the currency, it's going to inflate it like crazy, because it's going to drive energy prices through the roof and energy is one of the four key inputs into the economy.
Congress is concerned about whether or not the Fed is constitutional rather than whether or not their books are correct? Interesting. Ron Paul has admitted he's not interested in the financial information another audit might uncover. He's only interested in policy. Does that mean all other members who support the audit agree with Paul?
Paul wants to abolish the Fed and turn the money supply over the Barney Frank, Charlie Rangel, Chuck Schumer and Chris Dodd. What could possibly go wrong with that? Is the problem with our economy that it isn't politicized enough already? Further politicize the economy and surrender as a foreign policy. Is this what passes for conservative thought these days with the Paulbots?
Heaven help us.