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“The Federal Reserve Transparency Act HR 459 would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We hear officials constantly lauding the benefits of transparency and especially bemoaning the opacity of the Fed, its monetary policy, and its funding facilities.”
A partial audit last year that was required as part of the Dodd-Frank financial reform legislation revealed that the Federal Reserve had secretly sent more than $16 trillion to bail out banks around the world. The results of that audit created a firestorm of bad publicity for the secretive bankster cabal and a growing movement to end the Fed.
Auditing and ultimately ending the Federal Reserve’s inflationary control over the U.S. economy has been a long-term goal of Ron Paul. Many people say Paul can’t win. If this vote succeeds in July, Paul will have won, and so will have the American people
An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders.
"This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.
A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."