HR 1207, Making History?

i'm in disbelief that the federal reserve doesn't get audited regularly, nevermind at all. I guess I was always under the assumption that something as big as the FED would be audited all the time, just shows i have to hit the books more.

I like this though, I really hope it passes.

156 Co-Sponsors

Explaining the case for HR1207 and a proper audit.

Some members of congress and senators will respond to urges of support by there constituants that the General Accounting Office (GAO) already has the oversite authority to audit. This is true however, it must also be noted that the GAO is restricted by law as to what it can and cannot audit lets have a look.

CURRENTLY CANNOT AUDIT

Those are transactions for or with a foreign central bank, government of a foreign country, or non-private international financing organization. Deliberations, decisions, or actions on monetary policy matters including discount window operations, reserves with member banks, securities, credit, interest on deposits, and open market operations, transactions made under the direction of the Federal Open Market Committee, or a part of the discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1) - (3) of this subsection.

So those are the areas that GAO may not include by law in its audit. So what we see is the full clause that basically encompasses about everything the Fed does in the realm of monetary policy, open market operations, and quantitative easing.

CURRENTLY CAN AUDIT

Essentially the only thing the GAO can audit are some of the check processing, currency stored, shipments, some of the regulatory bank examination functions. On the most important matters, which directly affect the strength of the dollar and the health of the financial system, are immune from oversight.

RonPaul.com

If you are an American, I believe the case makes itself.

HR 1207 now has 165 co-sponsors!

Assuming this will pass, and I believe it will.

It's on to the senate where it is known as S. 604

I thought I would share the first response I have recieved from either of my senaters. Have a skim.

Dear Mr. ~AlienChaser: