“Fed Audit Bitterly Opposed By Treasury”

By admin | Published: March 9, 2010

Ryan Grim of the Huffington Post reports that the Treasury Department does not want its partner, the Federal Reserve, to undergo a thorough audit by the GAO.

Asked whether he supports the House-passed measure to open the Fed to an audit, which was cosponsored by Reps. Alan Grayson (D-Fla.) and Ron Paul (R-Texas), a senior Treasury official said he is intensely opposed to it.

The official said the measure would undermine the independence of monetary policy and could restrict the ability of the Fed to act in times of crisis. He said that the GAO already has audit authority and that the chairman routinely testifies before Congress.

Congressman Alan Grayson, a cosponsor of HR 1207, responds to the criticism that a thorough audit would undermine the Federal Reserve’s independence:

The idea that the Fed’s mission would be undermined by an audit, said Grayson, “is a scarecrow erected by people who want to cover up the actions of the Fed for their own purposes, including those who actually have worked at part of the Fed, to prevent accountability at any cost.”

Read the rest here.

Posted in Government, HR 1207 | Leave a comment

“Bernanke Transparency Offer May Not Defuse Calls for Audits”

By admin | Published: February 25, 2010

Pressure continues to build for a legitimate audit of the Federal Reserve. Bloomberg reports:

The Fed will support legislation to let government auditors probe six temporary programs created to combat the financial crisis such as the Primary Dealer Credit Facility, Bernanke said yesterday in House testimony. While he would support the delayed release of names of firms getting aid from those programs, he said banks borrowing through the longstanding discount window must be allowed to remain anonymous.

Bernanke’s move toward greater openness may not dissuade lawmakers who want the Fed to disclose more information about the Fed’s lending and policy decisions. Lawmakers are responding to public anger over the Fed’s role in the $182.3 billion bailout of American International Group Inc.

Read the rest here.

Posted in Government, HR 1207 | Leave a comment

No Audit, No Bernanke

By admin | Published: January 21, 2010

Our country’s economic future is in Ben Bernanke’s hands on a daily basis.

Now his job security is in ours.

Be sure to immediately call your senators with a simple message: “No vote on Bernanke until we get a vote on Audit the Fed.”

Click here to find contact information for your senators.

Here’s what’s going on and why you need to act immediately:

Senator Jim DeMint (R-SC) has led the charge to place a “hold” on Bernanke’s nomination to a second term as Fed chairman until the Senate votes on Audit the Fed. This means to get a vote on Bernanke, Harry Reid has to have a vote on “cloture,” and that requires a super-majority of 60 votes.  Insiders believe that Harry Reid is threatening to ram through a cloture vote as early as next week.

Senator DeMint is joined by David Vitter, Jim Bunning, and Bernie Sanders in his efforts, but these senators cannot succeed alone.   A strong message from Audit the Fed activists like you could start a stampede in the Senate that will make Harry Reid back off of Bernanke and give us a vote on Audit the Fed.

Click here to find contact information for your senators.

Make sure you let them know that:

1.) If they are not cosponsoring Audit the Fed, you expect them to sign on in support of finding out what the Fed has done with trillions of our dollars. Tell them you will make sure their constituents know of their action or inaction on this issue.

2.) They must vote “no” on cloture until after there is a vote on Audit the Fed. No vote should be taken on Ben Bernanke’s confirmation, or the nomination of anyone else for Fed Chairman, until Audit the Fed has received a public, up or down vote. The real issue here is not the Fed chairman himself. It is the need for complete transparency.

Ben Bernanke’s term as Fed chairman expires on January 31, so Harry Reid is under pressure from President Obama to act quickly.

It’s time to turn up the pressure.

Take action today to push for a vote on Audit the Fed, S. 604!

Sincerely,

The Audit the Fed Coalition

Posted in Coalition, Grassroots, S 604 | Leave a comment
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