Home | Community | Message Board
You are not signed in.
Sign In New Account
Forum Index Search Posts Trusted Vendors Highlights Galleries FAQ User List Chat Store Random Growery


This site includes paid links. Please support our sponsors.

Community > The Pub
Threaded Mode Threaded  Previous topic Previous  View all topics Index  Next topic Next 

Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Myyco.com Shop: Golden Teacher Liquid Culture For Sale

Jump to first unread post Pages: 1
House Passes Ron Paul’s ‘Audit the Fed’ Bill
    #16589223 -

Now I dont know the extent and this is the first piece of news I went through so far.
But here ya go.....




The House voted Wednesday to open up the Federal Reserve‘s core monetary policy decisions to the scrutiny of the federal government.


The vote marks the latest clash between House Republicans, wary of the unprecedented moves the central bank has taken since the financial crisis to stabilize the economy, and Fed Chairman Ben Bernanke, who has warned the bill could expose the Fed to political pressures.

On Wednesday, the House on a 327-98 vote, passed a bill that would permit the government to review the policy deliberations that are at the heart of the central bank’s mission.

A senior Democratic Senate leadership aide said there are no plans to bring the bill up in the Senate, but didn’t rule out an attempt by Republicans to seek a vote on the measure as part of another piece of legislation. The Senate would be almost certain to defeat it given the Democratic majority in the chamber.

The Fed is already reviewed by an outside, independent audit firm, whose examination of all Fed financials is published in the bank’s annual report. The Government Accountability Office also audits the Fed’s financials, including those of its monetary-policy operations, but it doesn’t evaluate the policy decisions behind them. The bill introduced by longtime Fed critic Rep. Ron Paul (R., Texas) would eliminate that exemption for the Fed’s closed-door discussions of monetary policy.

“It’s really not an audit without this,” Mr. Paul said at a hearing with Mr. Bernanke last week.

House GOP lawmakers have argued the Fed should be more transparent as the size of its portfolio of assets has ballooned. The Fed’s balance sheet has tripled since the financial crisis as it bought trillions of dollars’ worth of bonds as part of its efforts to make borrowing cheaper to spur lending and investment.

Republicans have warned that the Fed’s easy-money policies could ignite inflation if the economic recovery accelerates, even though inflation this year is below the Fed’s target level.

Mr. Bernanke has pushed back, arguing that exposing the Fed’s internal deliberations over monetary policy could tempt lawmakers to meddle in the process. Central banks are more effective at supporting the economy and keeping prices stable if they make decisions based purely on economic reasons, he said last week at the House hearing.

While some Democrats support the bill, others have argued the measure could politicize the Fed at a time when it is unpopular with many Republicans.

“This is a way to shake your fist at the big bad Fed, and it’s not a good way,” Rep. Barney Frank (D., Mass.), the top Democrat on the House Financial Services Committee, said on the House floor Tuesday.

The Fed already releases minutes of its policy meetings after three weeks and full transcripts after five years. The central bank has taken other steps to become more transparent recently: Mr. Bernanke now holds regular press conferences and Fed officials began this year releasing their estimates of where interest rates will be over three years.

Extras: Filter Print Post Top
Re: House Passes Ron Paul’s ‘Audit the Fed’ Bill [Re: DeadHearts]
    #16589244 -

Two Democrats and a Republican who represent the Capital Region in Congress voted Wednesday to audit the Federal Reserve System, which since before World War I has acted as the nation’s centralized bank with a key role in setting monetary policy.

The measure, sponsored by libertarian Republican Rep. Ron Paul of Texas, passed the House with bipartisan support. Reps. Paul Tonko, Chris Gibson and Bill Owens all joined the majority supporters. Here’s how they explained their votes:

Tonko, D-Amsterdam:

    “The financial crisis of 2008 brought destruction to nearly every household and business. In light of the emergency lending from that crisis, coupled with the operation of our nation’s monetary system, I have been on record since my first year in office in favor of auditing the Federal Reserve. I voted today to pass Congressman Ron Paul’s legislation because it brings transparency and openness to the nation’s central bank – information the American people deserve. Policymakers and the public deserve to know more about this institution, and today’s vote is a step in the right direction toward shining sunlight on the Federal Reserve.”

Gibson, R-Kinderhook:

    “Given the recent financial collapse which impacted so many Americans, it is imperative that we increase the transparency of the nation’s central bank to allow for a more complete accounting of the manner in which the nation’s monetary policy is conducted. Restrictions on Congress’ access to information about the Federal Reserve’s actions hinders the ability of the Legislative Branch –and ultimately the American people–to make informed decisions about our nation’s finances. H.R. 459 explicitly lifts these unnecessary restrictions on Congressional access to information about the Federal Reserve, thereby restoring our authority to conduct oversight of the central bank.”

Owens, D-Plattsburgh:

    “The public deserves more accountability of their money and more transparency from Washington. This legislation calls for a one time audit of the Federal Reserve and, after reviewing the results, we can decide how to proceed in the future.”

Extras: Filter Print Post Top
Re: House Passes Ron Paul’s ‘Audit the Fed’ Bill [Re: DeadHearts]
    #16589248 -

:like:

Extras: Filter Print Post Top
Re: House Passes Ron Paul’s ‘Audit the Fed’ Bill [Re: Aedan]
    #16589290 -

It is going to die in the senate :yesnod:


--------------------
Check out my gallery :sun:

Do YOU have The Band's sheet music books? I am paying cash!

Extras: Filter Print Post Top
Re: House Passes Ron Paul’s ‘Audit the Fed’ Bill [Re: Deekay]
    #16589328 -

Deekay said:
It is going to die in the senate :yesnod:



Yay happy face :bored:

Extras: Filter Print Post Top
Re: House Passes Ron Paul’s ‘Audit the Fed’ Bill [Re: DeadHearts]
    #16589333 -

:sadyes:  >  :yesnod:


--------------------
:wizard::deemsters:

Extras: Filter Print Post Top
Re: House Passes Ron Paul’s ‘Audit the Fed’ Bill [Re: NWlight]
    #16589342 -

Better but it sucks cause its true.



Extras: Filter Print Post Top
Jump to top Pages: 1

Myyco.com Shop: Golden Teacher Liquid Culture For Sale

Community > The Pub
Threaded Mode Threaded  Previous topic Previous  View all topics Index  Next topic Next 

Similar ThreadsPosterViewsRepliesLast post
* Very cool Bill Hicks biography Adamist 1,900 6 05/14/05 04:48 PM
by batou
* Canada - Liberals unveil pot bill for second time
( 1 2 all )		 ThorA 5,030 23 11/02/04 02:49 PM
by kadakuda
* Bill Hicks
( 1 2 all )		 Adom 7,291 32 06/05/03 03:55 PM
by Xlea321
* I'm fed up and need a change
( 1 2 all )		 swm 2,877 33 12/18/05 10:47 PM
by NewAgeDiciple
* .
( 1 2 all )		 TheHateCamel 1,921 28 12/07/04 03:07 PM
by TheHateCamel
* So I think I passed my drug test DNKYD 1,101 9 04/29/05 10:34 PM
by Skunk420
* . z_x_x_z 1,174 15 11/03/05 04:53 PM
by HELLA_TIGHT
* Bills suck DNKYD 675 10 12/09/05 06:36 PM
by tomk

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: Entire Staff
313 topic views. 0 members, 1,218 guests and 98 web crawlers are browsing this forum.
[ Show Images Only | Sort by Score | Print Topic ]
Search this thread:

Copyright 1997-2026 Mind Media. Some rights reserved.

Generated in 0.029 seconds spending 0.009 seconds on 16 queries.