posted on Mar, 23 2009 @ 08:04 PM
Seems theres already some obscure law exempting the Fed from congressional oversite!
Just read this hard hitting story, evidently carried by Rolling Stone. It made me sick to the pit of my stomach.
None other than disgraced senator Ted Stevens was the poor sap who made the unpleasant discovery that if Congress didn't like the Fed handing
trillions of dollars to banks without any oversight, Congress could apparently go # itself — or so said the law. When Stevens asked the GAO about
what authority Congress has to monitor the Fed, he got back a letter citing an obscure statute that nobody had ever heard of before: the Accounting
and Auditing Act of 1950. The relevant section, 31 USC 714(b), dictated that congressional audits of the Federal Reserve may not include
"deliberations, decisions and actions on monetary policy matters." The exemption, as Foss notes, "basically includes everything." According to the
law, in other words, the Fed simply cannot be audited by Congress. Or by anyone else, for that matter.
The article is quite long and very revealing.