This page has been archived and commenting is disabled.
"Independent" Fed Lobbies GOP Against Audit
Because nothing says "independence" like snuggling up to the newly Republican-controlled Congress. Having, in recent years, been accused of being too closely aligned with Democrats, WSJ reports that the Fed's "Liaison Office" - which lobbies for the bank's interest on Capitol Hill - has begun cultivatinmg relationships with the GOP in a desperate bid to evade Rand Paul's "Audit The Fed" Bill.
As The Wall Street Journal reports,
As the Federal Reserve prepares to begin raising interest rates later this year, it is readying for what may be another big challenge in 2015: the shift to a Republican-controlled Congress.
The Fed’s only Republican governor, Jerome Powell, has begun making the central bank’s case to the GOP, in public and private, against proposals Fed officials say could limit its independence. And the bank has hired and promoted Republicans within its Congressional Liaison Office since the November midterm elections, when the GOP won enough seats to take control of the Senate from the Democrats and expand its House majority.
It is unclear whether these efforts will overcome the perception among many Republicans that the liaison office, which lobbies for the bank’s interests on Capitol Hill, has in recent years been too closely aligned with Democrats, and hasn’t done enough to cultivate relationships within the GOP, according to current and former Hill staffers and financial-industry lobbyists.
...
In a speech Monday, Mr. Powell laid out his objections to GOP-backed proposals that he said would threaten Fed independence, including legislation to expand congressional oversight of the bank’s interest-rate decisions. Advocates of the proposal say it would bring more transparency to policy decisions.
The so-called Audit-the-Fed bill, introduced by Sen. Rand Paul (R., Ky.), “risks inserting the Congress directly into monetary policy decision making, reversing decades of deliberate effort by the Congress to insulate the Fed from political pressure in carrying out its day-to-day duties,” Mr. Powell said.
...
The Fed last month hired Mike Lee, a former senior Republican economist on the Senate Banking Committee under Sen. Mike Crapo (R., Idaho), to join the Congressional Liaison Office, as well as Mark Libell, the former legislative director for retired Sen. John D. Rockefeller IV (D., W.Va.), who joined the office in December. And it promoted Jennifer Gallagher, a former aide to Sen. Judd Gregg (R., N.H.) on the Banking Committee, to the No. 2 position in the office.
The new hires are only filling existing positions. But the changes signal the Fed may be trying to shift its focus to Republicans after years of tilting toward Democrats while they controlled the Senate, said one Republican Senate aide .
* * *
And that is the reason why we need to audit the Fed!!
- 10034 reads
- Printer-friendly version
- Send to friend
- advertisements -


mind yo own bidness, cuz
Do you REALLY want to see what is behind the curtain?
Hey, like Google's Eric Shit once said...there's nothing to worry about if you're doing nothing wrong, right?
I am the great and powerful Oz. Pay no attention to that man behind the curtain.
To paraphrase Mr. Ron Paul...
END
THE
MOTHERFUCKING
FED!!!
Man, fuck these guys (and gals)!
As a staunch liberal, I strongly oppose auditing the fed because Liz Warren is against it. Domestic extremists want to audit the fed because they are racists who can't come to grip with the fact that dual citizenship-holding chosen people just simply know best.
I unironically enjoy your gimmick.
"You can't say I didn't try!", said Rand Paul as he adorned his kippah....
If the fed isnt guilty of any wrong doing they wouldn't have to violently oppose congress taking a look.
the government pulls this line of thinking on we the people all the time, lets give it back to a deserved entity.
yeah... the NSA and CIA aren't doing anything wron either......
Gov don't let ANYONE know what they're doing - even other parts of gov (ESPECIALLY those charged with 'oversight')
All the Fed need do to make the talk of audit go away is distribute $100,000 'campaign donation' checks in nailgun cases to congresscritters.
The Fed is trying to equate an audit as equalling control. It isn't. An audit is to reveal potential wrongdoing. So if they aren't doing anything wrong ...
Are banks auditied? Yes. So why not the bank of banks?
I'm thinking Yellen doing nude yoga.
You are one sick soul.
with Christine LaGarde no doubt
Absofuckinglutely. I deserve to know if I am CRAZY !!!
Yes, I really want to see behind the curtain. I believe that a real audit of the fed would absolutely lead to ending the fed. Even if our congress critters refused to actually end it, if we the people saw a peak behind the curtain, I’m sure we would overthrow the fed ourselves. I educate people on our banking industry and the Federal Reserve. Most cannot believe that the Federal Reserve is a private organization ran by the banking cartel. They are amazed that they print trillions upon trillions of dollars and have not been audited.
I give the people who are amazed at the Fed’s secrets a candle with a silver coin: https://www.etsy.com/shop/ScentSavers?ref=hdr_shop_menu
They will also be amazed when they see that their silver coin is now worth 12-18 times over face value. They see what the Fed’s money printing has done to the value of our ‘pocket change’!
Dear Senator Rand Paul, as governor of KY, I implore you to mobilize the National Guard and secure what's left of the tungsten bars in Fort Knox; thank you!
Pubbies better remember who brun 'em to the dance!!!
OK Rand, just skip Bibi's sermon at the recess and you'll get my vote for POTUS.
"the Fed's "Liaison Office" - which lobbies for the bank's interest on Capitol Hill "
This implies that money is changing hands, being 'contributed' from The FED to certain politicians...
Fake 2 party. Actually in unison. So all a illusion.
yellen's $4.2T balance sheet may actually get counted for the $10T it actually is
get the king size Orville Redenbacher for this one
we have a bagholder here and its name is yellen
Try 100tn. FED kept the entire world economy from crashing and made billioanires out of millionaires and billionaires into multi billioanires. This shit needs to be cleaned out.
Guillotine the Fed! Audit the heads!
The banksters need to repay us.
+1000 lol
"Congress shall have the power 'to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.'" (Article I, section 8, clause 5.)
"It's just a goddamn piece of paper"
Democrats don't look at that old piece of paper.
Ink on a page (to some)
Judd fucking Gregg. Haven't heard that asshole name in a long time
Indeed Judd Gregg is an asshole.
The banks and the Federal Reserve own this guy.
Gregg is still paying back any favor he can for the banksters.
If the audit ever gained any traction, a lot of those people pushing for it would end up accidentally dead.
The Federal Reserve and it's banks are larger than the syndicate.
Nope. If bankers start knocking off Governors, Senators, and Congressmen, they'll find themselves in a war. The politicians can operate by day, using the full force of the govt, police, FBI, while the bankers have to operate at night with hit men.
The bankers are smarter than that. Governors and Senators won't be touched. But the Governor's son will die in an unfortunate single-vehicle car accident. And the Senator's granddaughter will tragically die of cancer.
Don't even have to do that - just can send out the propagandists to smear the politicians and push the whole 'world will end without the FED' bullshit that's worked marvelously for them for over 100 years. The media that is too corrupt, and frankly too stupid to understand why a bankers cartel is destructive, will willingly shill for them. That lie has been out there so long, and told so much, most dimwits just accept it as truth.
They'll just crash the system and say "seeeeeee, you need us"
which may be the unspoken message in these talks with these folks
TPTB say, in reference to government spying, "If you have nothing to hide...."
Audit the Fed? End the Fed and issue non-bankster, debt free US notes.
A lot of sacks of money are heading toward the congresswhores.
It's pretty fucking bad when departments of our Federal Govt has their own lobbyists. Can I volunteer to be on the first manned mission to Mars please?
the federal reserve isn't a deprtment of the federal government.
nuland says f*ck the audit.
Must be nice to have enough money to buy every person willing to sell out.
if the fed gets an audit the status quo gets a bullet to the back of the head, ergo, no audit.!
why even dream about it?
I could only give you one greenie! Worth a 1000. Atleast talking about it gives the plebes hope though. Hope but no change, damn we were that close to a FED audit. Maybe next time guys, we are not going to stop here, we're going to get em next time by golly! Just you wait and see! Contribute to my campaign to get this FED audit done, I am not giving up mind you!
YADA YADA YADA!!!!
very troo !! too much yada and not enough bada
bing!
so whats the game here. is the FED trying to block an audit, or say go ahead and audit us, but here's what we want you to find. Oh, and by the way, we have the keys to all the printing presses....wink wink
If the Fed is making nice to Congress it must mean that another bailout is going to be needed in the near future.
When does the "shut down the Fed" bill get floated?
if everyone saved in Physical Gold and Silver would the Fed even matter?
no - they would not.
Actually, all it would take is for ALL depositors to remove all of their money from member banks. Boom - it's over.
I agree, untill gold and silver is outlawed. Everyone has to turn it in, or face jail time to save the country, but it's not worth anything?
Save? Save what? Most Americans are living on credit, any savings goes towards the lottery drawing and ciggs.
Save? Save what? Most Americans are living on credit, any savings goes towards the lottery drawing and ciggs.
Do we really need an audit, it's in plain fucking sight?
Audit the Fed!
Sure... just don't count on the oil-soaked, spy-riddled Tea Party bowel movement to make it happen. They haven't done shit to reign in spending and they damn sure haven't defunded the war machine.
Time to go grass roots here people, I'm talking gorilla tactics to get the word out that we need the fed audited. We need a standard plain Web address that has basic info explaining how the fed is fuking 99 percent of Americans. Next we need to get out the word through flyers hung on telephone poles old school style, social media tweets, Facebook, yep we need an audit the fed Facebook page. Bumper stickers would be good too. just a mass blitz of marketing to make the common folk wake the fuk up and say what is Audit The Fed, I've seen that everywhere, Ok let me search that on google. That's where we get them hook line and sinker, we just woke up one more person. it has to be run like a political campaign. our message should get so popular that at the grammys they aren't talking about women's rights, they are talking about audit the fed.
just a side note, if one does take on this noble task, please sleep with phone books taped to your body as you never know when a nail gun might go off.
I saw someone on here say "better to go down fighting than on your knees" shit like this is fighting back, the fed is obviously fighting their side.
..
I think you meant "they will fight tooth and NAILGUN..."
dupe..
trip...
I agree. Potential downside is most people don't want to hear/can't handle the truth and don't bother to read or assimilate what you send them/tell them. Most people I have talked to about the Fed assumed it was a constitutional creation, is necessary to prevent booms and busts, is too complicated for them to understand, is there for our protection, etc.
Despite all the evidence they don't get that the FED is a failure when measured against all its publicly stated goals. However, it is wildly successful in enriching the banksters, which is its real primary objective, hence why they will fight tooth and nail to keep it going.
Doesn't mean we shouldn't try, just not sure of best way to go about it. Hard to overcome 70 or 80 years of intentional dumbing down in a short time.
Yes! Audit the Fed and the people will demand the dissolution of this organization which is not serving the public. It should also be possible to break-up this terrible bipartisan system and get rid of Democrats and Republicans in te government by a new party which is organized and campaigning at low cost on the web. The vast majority of the Americans should be interested in a party that represents the people and not the oligarchs. And the world might look again with appreciation at America like it used to be when I was young.
___
“risks inserting the Congress directly into monetary policy decision making, reversing decades of deliberate effort by the Congress to insulate the Fed from political pressure in carrying out its day-to-day duties,”
The threat from polarized party politics is a sham/red-herring/straw-man issue here. The real issue is its day-to-day duties for concentrating/maintaining financial and economic power.
Just chop the dual mandate in half and get them out of trying to control the employment numbers. That mandate has too much wiggle room. Go with a plain ordinary currency stability mandate.
What a joke...there will never be an audit. The fed has the government by the balls. Who the hell do you think enables the dipshits in DC to spend billions more each day than our tax revenue would fund. They are not going to bite the hand that feeds them.
You do know that there are 30 co-sponsors in the Senate already don't you? Instead of wasting time commenting here, call and/or write your senator if they have not already agreed to co-sponsor. Everyone on this site owes Ron Paul this much-the greatest people's representative ever. He's dedicated his life to this bill. So, the only chance to stop it is an Obama veto-which will occur of course but at the cost of the 2016 elections. So, bring it people!
You can be sure that there is an abundance of ugly shit behind the FED's wall of secrecy, else they would not be so opposed to openness. Anyone still want to claim that USA is a democracy "ruled by the people AND for the people" ????
If you've got nothing to hide, what's the problem?
Nothing hidden there, I'm sure.
Really, I'm sure.
Well, ironically they have to hide "nothing" .
This is awesome! This leaves a very simple way to bring the traitorus scoundrels to justice...If he/she votes against the bill, they die a traitors death. Votes for...they live. Red, Blue no matter.
When I was young my mom used to tell me America would never be defeated from the outside, that its downfall would come from within. for a long time I wondered how on earth that could possibly happen, Now its all unfolding right before me. These insidious bastards needs to be stopped and we're doing nothing.
Thanks duck dodgers- as a mother it is nice to hear that children do listen and remember what their mom has said. Your mother called it correct. We are unraveling ourselves.
Why not just cut to the chase and abolish the banks altogether?
If there are no banks, there's no Federal Reserve.
Wouldn't getting rid of any anticompetitive cartels (i.e. the FED) work just as well? Competition is always the answer, not more regulation which is always evaded anyway. You evade competition and you're out of business.
You think the multinationals that rig your electoral circus can't rig a business monopoly too?
And who will be doing this getting rid of and deciding which businesses are or are not cartels again?
Awh quit pussy-footing around and hand the FED over to the Q99X2. We have a pyramid for each of their 12 branches.
What happened to that 100yr charter?? And where the fuck is Andrew Jackson when you need him??
On the $20 greenback, just for the irony.
The Fed is wondering why anyone would want to audit an empty, walk in safe.
Meanwhile lobbyists from 'K' St. make themselves useful to the new Rethuglican majority in Congress...
"...Though it received little attention, the very first bill passed by the new Congress and signed into law was a measure to reauthorize something called Terrorism Risk Insurance. Tucked away in that bill was a special amendment to weaken the oversight of derivative trades. Thanks to the amendment, commodity regulators are prohibited from forcing large corporations—typically oil, manufacturing and agribusinesses broadly defined as “end users”—to post collateral and margin requirements for their trades. Marcus Stanley, the policy director of Americans for Financial Reform, a group that favors strong regulations on Wall Street, says the amendment is dangerous because “losses can occur in transactions with commercial end users just as they can in any other transaction.”
The special exemption was promoted by a coalition of end users, including Honeywell, Boeing, General Electric and Koch Industries, four companies whose political action committees rank among the largest in the country. Koch, known for its oil refineries, also boasts one of the biggest derivative trading businesses in the world..." http://bit.ly/1B4Z4Pw
Uh, if the dumbfucks running our country (into the ground) would stay the hell out ot the way, and let the markets truly be free, they would price in risk accordingly. Additionally, we would not have near zero interest rates and idiots would not ve borrowing on margin to trade. These interest rates bastardize true market pricingt. If you are willing to get wiped out carrying a massive trade, first of all you have to be able to afford the transaction, if you get hammered, then you deserve what you have coming. Also, if banks are allowing idiots to leverage with loans that customers cant back, then let the bank fail. I seriously doubt the likes of honeywell are just rolling the dice in the markets. They are hedging you fool and they have the assets to back the hedge. If they were taking careless risks with the corporations capital, they would be ousted by their board or sued by their shareholders. You stupid asses who pray to the alter of almighty retarded fucking political class are the problem. Always looking for how somebody else is gaining an advantage through the very gubment you pray to. The gubmint IS the problem. Allow markets to be free, get gubmint out of way and let people who have a clue make rational decisions based on real market priced risk and return. The idiots playing without assets to back their trades will be wiped out in short order.
"Mr. Powell laid out his objections to GOP-backed proposals that he said would threaten Fed independence." --WSJ
How about we lay out our objections to Fed-backed proposals that we say threaten American independence?
Yep let's have a National Lottery for Joe Public to guess how much the country is in hook for. That should raise enough money to buy off Congress Critters in competition with the banks.
Violently opposed to an AUDIT. That's Real Sick.
Notice how the TROLLS don't get involved on this Issue as it would show themselves up for what they are, paid lackeys.
how many real gold bars ...... how many gold plated tungsten bars . . ..? ?
Drill, you gotta drill 'em, drill...
falak says, it's not a good idea, sen e warren told the world that..trolls be among us.
"As long as that rotten-gutted Irish Catholic sonofabitch stays dead." - Them
Ok, I admit I'm not the brightest bulb. Can someone explain to me why an audit is considered political interference? Isn't it just basically a bookkeeping check? And these folks in the FED and MSM keep saying Congress will audit, but isn't it the GAO that would do it?
Bring a bill to audit Rand's campaign finances before committee and see if he's still fire and brimstone.
Just because you like the tune doesn't mean you're not getting hustled.
So the excuse is that they don't want to tarnish the sacrosanct CB "independence". And how exactly will an audit upset that? Do these banker fucks think that remaining secretive and acting with impunity is compatible with democracy?
Sunshine is the best disinfectant. And this cesspool needs a long session in the sun.