Fed audit inching closer; now awaiting Senate action

WorldNetDaily ^ | March 14, 2010 | Bob Unruh

[speciallybland]

A proposal on which U.S. Rep. Ron Paul, R-Texas, has been working for much of the last decade is getting close to reality: an audit-the-Federal Reserve requirement that has been approved in the U.S. House and is pending in the Senate as an amendment to a piece of financial reform legislation.

"They're still negotiating," said a spokeswoman for the congressman's office. "We're very hopeful that it's going to be included, maybe ... by the end of next week."

She told WND that Paul would be pleased to have it pass as it stands.

The plan, now pending before the Senate Committee on Banking, Housing and Urban Affairs after being approved by the House at the close of 2009, would provide for "an audit of all actions taken by the Board of Governors of the Federal Reserve System and the Federal reserve banks during the current economic crisis…"

It provides for a report from the Comptroller General of the U.S. to issue a report on the audit to Congress "and make such report available to the public."

[KoRn]

If an audit of the Fed even comes close to becoming law, look for Bernanke to crash the markets as a warning shot across the bow. He is the most powerful man in the world right now, and he has no intention of having congress and the American people meddle in his affairs.

[Sleeping Freeper]

It’d be great if it happens, if so, the results are going to be ugly.... time for another political coverup, or at least some serious political finger pointing....

[dcgst4]

Most definitely. I just wonder if the people will be smart enough to glean from it the fact that the Fed has waaaaay too much power and needs to be abolished. It’s hard to believe that some still think the Fed is a good idea when it’s just common sense that in a republic, one man should never hold sway over much of anything (that’s not his own property) much less the entire economy.