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Originally posted by Cassius666
What does the Fed do with all the money it receives?
Originally posted by RedBird
The Federal Reserve returns its profits to the U.S. Treasury Department. This year it was close to 60 Billion dollars.
How can people be unaware or ignorant of this?
Originally posted by Mudman21
To the house of Rothschild!
The financial statements of the Board Governors for 2008 and 2007 were audited by Deloitte & Touche LLP, independent auditors.
According to its short title, the Federal Reserve Transparency Act of 2009 (H.R. 1207) amends Title 31 of the United States Code "to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported". It strikes exceptions to the audit protocol in 31 U.S.C. § 714 for the Federal Reserve System, the central bank of the United States, and replaces an indefinite deadline with a deadline of December 2010. It also ensures the audit results are available to Congress. The audit would include the Fed's "discount window", its funding facilities, its open market operations, and its agreements with foreign bankers.
Proponents state that the Fed has never been audited by Congress since the Fed's creation in 1913. The Federal Reserve states that "the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor." The bill's sponsor, Congressman Ron Paul (R-TX), counters by stating that the present audit process exempts the Fed's "most crucial activities".
There is a statute in place that allows audits of the Federal Reserve; however, the most crucial activities of the Fed are specifically exempted. I seek to remove these exemptions to get a clearer picture of what is going on with our monetary system. For instance, what arrangements does it have with other foreign central banks? What the Fed does on that front could very well affect or undermine foreign policy — even contribute to starting a war. We also need to know the source and destination of funds provided through the Fed’s emergency funding facilities. This information will provide a more accurate and complete picture of the true cost of these endless bailouts and spending packages and could very likely affect the decisions being made in Congress.