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Three out of Four Americans Support a Federal Reserve Audit (HR 1207)
American Banking News ^ | 08/26/09

Posted on 08/26/2009 9:43:07 AM PDT by TigerLikesRooster

Three out of Four Americans Support a Federal Reserve Audit

Filed Under: Government and Legislation

With yesterday’s ruling by U.S. District Court Judge Loretta Preska that ordered the Federal Reserve to hand over records regarding the lending of taxpayer money to various financial institution, there’s renewed interest in keeping the federal government accountable for their financial practices—especially when it comes to bailouts and monetary policy.

There are currently two pieces of legislation in Congress, HR 1207, which has 282 co-sponsors (101 of which are Democrats) and S 604 which has 23 co-sponsors that would bring new accountability to the Federal Reserve. Notable co-sponsors include Bernie Sanders (I-VT), Russ Feingold (D-WI) and Jim DeMint (R-SC).

The legislation, titled the “Federal Reserve Transparency Act of 2009” would allow the Comptroller General of the United States to do a financial audit of the Federal Reserve. After the audit is complete, the Comptroller General would be required to report his or her findings to Congress.

Although the Federal Reserve is not technically a government agency, it’s a staple of the United States’ current economic system and was created through congressional legislation. A recent survey from Rasmussen reports found that a super-majority of Americans think that it might be time to take a second look as to whether or not the Federal Reserve should continue to operate without accountability.

The survey found that 75% of Americans now support an audit of the nation’s central bank, and only 9% of Americans opposed an audit.


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: audit; fed; hr1207; lping; publicsupport
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1 posted on 08/26/2009 9:43:08 AM PDT by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

Ping!


2 posted on 08/26/2009 9:43:41 AM PDT by TigerLikesRooster (LUV DIC -- L,U,V-shaped recession, Depression, Inflation, Collapse)
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To: Toddsterpatriot; Mase; expat_panama
The legislation, titled the “Federal Reserve Transparency Act of 2009” would allow the Comptroller General of the United States to do a financial audit of the Federal Reserve. After the audit is complete, the Comptroller General would be required to report his or her findings to Congress.

What could possibly go wrong?

3 posted on 08/26/2009 9:50:01 AM PDT by 1rudeboy
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To: 1rudeboy

This will never happen because the results could never be made public.


4 posted on 08/26/2009 9:53:39 AM PDT by zek157
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To: TigerLikesRooster

...IMHO a FDIC audit would trigger a nationwide run on banks....there’s only a handful of 5-star safety rated banks in each state....look here:

http://www.bankrate.com/rates/safe-sound/bank-ratings-search.aspx?t=cb


5 posted on 08/26/2009 9:56:45 AM PDT by STONEWALLS
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To: 1rudeboy
I'm not surprised to see Saunders and Feingold sponsoring this as they would, along with Barney Frank, Rangel, Dodd, Schumer et al, love to get more control of the Fed. I'm disappointed to see DeMint's name associated with this, along with any other conservatives.

Indeed, what could possibly go wrong with Schumer and Frank controlling the money supply?

6 posted on 08/26/2009 9:59:38 AM PDT by Mase (Save me from the people who would save me from myself!)
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To: 1rudeboy

“What could possibly go wrong?”


Nothing more than what has already gone wrong.


7 posted on 08/26/2009 9:59:59 AM PDT by camp_steveo
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To: camp_steveo

Don’t follow politics much, I gather.


8 posted on 08/26/2009 10:00:40 AM PDT by 1rudeboy
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To: TigerLikesRooster

If we accept the proposition that a bunch of experts can and will run any part of our government better in near total secrecy than when they are accountable to somebody, we might as well stop having elections.

Don’t you think that legislators will make better decisions if they don’t have to worry about political pressure?

Someone is hiding something.


9 posted on 08/26/2009 10:01:39 AM PDT by evandi
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To: TigerLikesRooster

big ol’ bump


10 posted on 08/26/2009 10:03:38 AM PDT by murphE ("It is terrible to contemplate how few politicians are hanged." - GK Chesterton)
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To: Abathar; Abcdefg; Abram; Abundy; akatel; albertp; AlexandriaDuke; Alexander Rubin; Allerious; ...
Audit the Fed!!!



Libertarian ping! Click here to get added or here to be removed or post a message here!
(View past Libertarian pings here)
11 posted on 08/26/2009 10:05:28 AM PDT by bamahead (Avoid self-righteousness like the devil- nothing is so self-blinding. -- B.H. Liddell Hart)
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To: djsherin

bump


12 posted on 08/26/2009 10:05:50 AM PDT by bamahead (Avoid self-righteousness like the devil- nothing is so self-blinding. -- B.H. Liddell Hart)
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To: 1rudeboy
What could possibly go wrong?

The Comptroller General Could be honest?

13 posted on 08/26/2009 10:07:22 AM PDT by Prokopton
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To: zek157
This will never happen because the results could never be made public.

This will never happen because we have no legal authority to audit foreign banks. Do you really believe that London, Paris, The Hague, Tokyo, at al, are going to permit the audit of *their* national and major banks by the US?

Understand that the Bank of England, Rothschild Amsterdam, Lessard Brothers Paris, and the Bank of Tokyo are *part* of this monstrosity known as "the US Federal Reserve". There is no way in Hades that there could ever be a public audit of this cabal...

the infowarrior

14 posted on 08/26/2009 10:11:23 AM PDT by infowarrior
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To: infowarrior
This will never happen because we have no legal authority to audit foreign banks.

The Fed is strictly American.

Do you really believe that London, Paris, The Hague, Tokyo, at al, are going to permit the audit of *their* national and major banks by the US?

Do you imagine the Queen of England decides our Fed Funds rate?

15 posted on 08/26/2009 10:14:21 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Toddsterpatriot
The Fed is strictly American.

Bzzzt... Wrong answer. You lose, but thanks for playing...

the infowarrior

16 posted on 08/26/2009 10:16:37 AM PDT by infowarrior
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To: infowarrior

Ya got some bad info....warrior


17 posted on 08/26/2009 10:17:19 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: TigerLikesRooster

Where did the money go? Also Goldman Sachs involvement and their market manipulation software - as described by a U.S. Attorney.


18 posted on 08/26/2009 10:21:02 AM PDT by Frantzie (Lou Dobbs - American Hero! Bill O'Reilly = Liar)
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To: infowarrior

Ya got a link or something?

the BGHater


19 posted on 08/26/2009 10:21:52 AM PDT by BGHater (Insanity is voting for Republicans and expecting Conservatism.)
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To: Toddsterpatriot
Ya got some bad info....warrior

Matter of public record... Toddster. Something even a yuppie should understand...

the infowarrior

20 posted on 08/26/2009 10:23:21 AM PDT by infowarrior
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