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Author Topic: US House Committee Passes Bill To "Audit The Fed"  (Read 273 times)
Hydrogen
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April 01, 2017, 07:47:03 AM
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The Republican-controlled Committee on Oversight and Government Reform approved a bill earlier today to allow for a congressional audit of the Federal Reserve's monetary policy, a proposal Fed policymakers have opposed and likely faces a difficult path to final approval in the Senate.  Under the bill, the Fed’s monetary policy deliberations could be subject
to outside review by the Government Accountability Office.

While similar bills have garnered some support from Democrats in the past, they uniformly spoke against the current proposal during a meeting of the House of Representatives suggesting the current iteration would face stronger resistance from an increasingly polarized environment in Washington D.C..

The House previously passed similar versions of this legislation twice before in 2012 and 2014, with dozens of Democrats joining nearly unanimous Republican support.  That said, those bills both died in the Senate and likely would have faced a Presidential veto from Obama had they survived anyway.

That said, Trump expressed interest in passing such legislation multiple times during the 2016 campaign cycle which means the 3rd time might just be the charm for Republicans.

And while proponents of the bill argue that the Fed wields too much power over the U.S. economy with minimal oversight, opponents assert that Fed decisions should be informed purely by economic indicators and completely insulated from "political pressure"...and we presume those same opponents would argue that Yellen's decision to wait until just after the conclusion of the 2016 Presidential election to start hiking rates had absolutely nothing to do with politics.  Per Reuters:

Quote
Proponents of the measure argue that the Fed is too powerful and lacks sufficient oversight for its interest rate decisions. But Fed officials from Yellen on down, as well as other critics, have warned that such a policy could subject the Fed to undue political pressure and discourage it from taking unpopular steps for the good of the overall economy.
 
"We should not in any way hinder their independence," said Representative Carolyn Maloney, a New York Democrat, echoing the sentiment of Fed policymakers who say they could come under political pressure to avoid making unpopular decisions such as raising interest rates to slow growth and control inflation.

The next step for the bill would be a floor vote by the entire House, where Republicans hold a solid majority, followed by a Senate vote that would be much more difficult given Republcans' narrow lead.

http://www.zerohedge.com/news/2017-03-28/house-committee-passes-bill-audit-fed

Don't know if this will pass.

If Trump/republicans succeed in auditing the fed, it could lead to crackdowns on bank bailouts continuuing in 2017, which could in turn weaken banks--who could be an obstacle to btc and crypto.

Of course there's a good chance an audit wouldn't have any wide ranging implications. Perhaps Trump and republicans would only seek to streamline federal reserve operations and eliminate the approximately $40 billion in profits it generates.

I can't imagine bankers want Trump getting anywhere near their centralized control system over the american economy.


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April 01, 2017, 07:52:24 AM
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The Republican-controlled Committee on Oversight and Government Reform approved a bill earlier today to allow for a congressional audit of the Federal Reserve's monetary policy, a proposal Fed policymakers have opposed and likely faces a difficult path to final approval in the Senate.  Under the bill, the Fed’s monetary policy deliberations could be subject
to outside review by the Government Accountability Office.

While similar bills have garnered some support from Democrats in the past, they uniformly spoke against the current proposal during a meeting of the House of Representatives suggesting the current iteration would face stronger resistance from an increasingly polarized environment in Washington D.C..

The House previously passed similar versions of this legislation twice before in 2012 and 2014, with dozens of Democrats joining nearly unanimous Republican support.  That said, those bills both died in the Senate and likely would have faced a Presidential veto from Obama had they survived anyway.

That said, Trump expressed interest in passing such legislation multiple times during the 2016 campaign cycle which means the 3rd time might just be the charm for Republicans.

And while proponents of the bill argue that the Fed wields too much power over the U.S. economy with minimal oversight, opponents assert that Fed decisions should be informed purely by economic indicators and completely insulated from "political pressure"...and we presume those same opponents would argue that Yellen's decision to wait until just after the conclusion of the 2016 Presidential election to start hiking rates had absolutely nothing to do with politics.  Per Reuters:

Quote
Proponents of the measure argue that the Fed is too powerful and lacks sufficient oversight for its interest rate decisions. But Fed officials from Yellen on down, as well as other critics, have warned that such a policy could subject the Fed to undue political pressure and discourage it from taking unpopular steps for the good of the overall economy.
 
"We should not in any way hinder their independence," said Representative Carolyn Maloney, a New York Democrat, echoing the sentiment of Fed policymakers who say they could come under political pressure to avoid making unpopular decisions such as raising interest rates to slow growth and control inflation.

The next step for the bill would be a floor vote by the entire House, where Republicans hold a solid majority, followed by a Senate vote that would be much more difficult given Republcans' narrow lead.

http://www.zerohedge.com/news/2017-03-28/house-committee-passes-bill-audit-fed

Don't know if this will pass.

If Trump/republicans succeed in auditing the fed, it could lead to crackdowns on bank bailouts continuuing in 2017, which could in turn weaken banks--who could be an obstacle to btc and crypto.

Of course there's a good chance an audit wouldn't have any wide ranging implications. Perhaps Trump and republicans would only seek to streamline federal reserve operations and eliminate the approximately $40 billion in profits it generates.

I can't imagine bankers want Trump getting anywhere near their centralized control system over the american economy.



That bill was certainly on the right track. Federal organizations should be audited since there are already many issues regarding the federal reserves producing too many paper money which is now more than the required amount of US dollars that should be there in the circulation. Of course the federal reserve doesnt want to be audited since they are hiding many secrets and anomalies and possibly exposed big time money launderers hidden wealth in the reserve.

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April 03, 2017, 01:03:15 PM
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That bill was certainly on the right track. Federal organizations should be audited since there are already many issues regarding the federal reserves producing too many paper money which is now more than the required amount of US dollars that should be there in the circulation. Of course the federal reserve doesnt want to be audited since they are hiding many secrets and anomalies and possibly exposed big time money launderers hidden wealth in the reserve.

The bank bailout bill was passed in 2008.

The federal reserve continues to bailout banks in 2017 & probably into the future.

You're probably right that there are a lot of transactions the fed doesn't want the public to be aware of.

If only because, it might be impossible to blame russia for their indiscretions, this time.


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April 03, 2017, 01:32:21 PM
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"it could lead to crackdowns on bank bailouts continuuing in 2017" Cheesy Cheesy

OMG, this is hilarious, those billionaires aren't going to do shit about banking system, that's where they have their money, and they have a lot of money.

Quote
It's the wealthiest White House ever: Trump's 27 top officials are worth £1.8 billion with his daughter Ivanka and son-in-law Jared Kushner at the top of the list

http://www.dailymail.co.uk/news/article-4374080/Donald-Trump-s-27-officials-worth-1-8-billion.html

Do you think those guys are going to mess with the system that made them rich?

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April 03, 2017, 09:20:55 PM
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If Trump/republicans succeed in auditing the fed, it could lead to crackdowns on bank bailouts continuuing in 2017, which could in turn weaken banks--who could be an obstacle to btc and crypto.

This logic involves a lot of long leaps...although not impossible, the scope of implications is much larger and probably not as impactful.

It's possible that an audit of the Fed could just verify that the Fed is not the "evil man behind the curtains" that the conspiracy theories make them out to be. You shouldn't be mad at the Fed for controlling the money and the rates. You should be mad at the politicians that decide to keep spending and raising the budget limits (which then requires that the Fed keep increasing the money supply in the US). You should be mad at the banks that don't care about ethics in their business.

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