[quote]WASHINGTON, D.C. – On Tuesday, U.S. Senator Rand Paul reintroduced his Federal Reserve Transparency Act, widely known as the “Audit the Fed” bill, to prevent the Federal Reserve from concealing vital information on its operations from Congress. Eight cosponsors joined Senator Paul on the legislation.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Sen. Paul, “yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives.”
“The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.”
S. 16 would require the nonpartisan, independent Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s passage and to report back to Congress within 90 days of completing the audit.[/quote]
[url=https://www.paul.senate.gov/news/press/sen-rand-paul-reintroduces-audit-the-fed]Source[/url]
[url=https://www.paul.senate.gov/imo/media/doc/AudittheFed.pdf]Federal Reserve Transparency Act[/url]
what does it mean
Sounds good! But I don't trust the Republicans at all.
[QUOTE=Solomon;51623612]what does it mean[/QUOTE]
Means they're going to look into every aspect of the Fed's operations.
[QUOTE=Solomon;51623612]what does it mean[/QUOTE]
Literally first paragraph
one of the bigger criticisms of it (and probably the only one i can really think of) is that it subjects the Fed to political influence that could pressure it into changing monetary policy for political rather than economic reasons
Is this going to be like the DoD where they find billions are completely unaccounted for and then proceed to do nothing about it anyway?
[QUOTE=Mr. Someguy;51623766]Is this going to be like the DoD where they find billions are completely unaccounted for and then proceed to do nothing about it anyway?[/QUOTE]
I...
Do you understand what the federal reserve system is?
[QUOTE=Solomon;51623612]what does it mean[/QUOTE]
libertarians and alt-right nuts think that fort Knox is an empty building, they want to see the money
[QUOTE=Sableye;51624083]libertarians and alt-right nuts think that fort Knox is an empty building, they want to see the money[/QUOTE]
Which one is Sanders? :v:
I'm down. It's always good to know where everything is going and moving too.
[QUOTE=Kecske;51624424]Which one is Sanders? :v:[/QUOTE]
[QUOTE=Sableye;51624083][B]liber[/B]tarians and [B]al[/B]t-right nuts think that fort Knox is an empty building, they want to see the money[/QUOTE]
[QUOTE=Sableye;51624083]libertarians and alt-right nuts think that fort Knox is an empty building, they want to see the money[/QUOTE]
I don't see a problem with trying to see where the money is specifically going in hopes to combat corruption. I do see a problem with them trying to micromanage, though, saying "you don't need this or that" without actual expertise on the subject, though.
Everything needs a good audit every once in awhile, its just good government.
[QUOTE=Sobotnik;51623674]one of the bigger criticisms of it (and probably the only one i can really think of) is that it subjects the Fed to political influence that could pressure it into changing monetary policy for political rather than economic reasons[/QUOTE]
It's been doing that for over a decade by not raising interest rates since the 2002 economic downturn.
you can bet your sweet titties that Donald will approve this bill, despite not cooperating with his own audit
I have no problem with fairly auditing all aspects of our government.
I just really doubt that Republicans are capable of fairly doing anything whatsoever.
Like father like son. I knew he had it in him.
[QUOTE=sYnced;51624803]you can bet your sweet titties that Donald will approve this bill, despite not cooperating with his own audit[/QUOTE]
Donald's private holdings do not effect monetary policy. The Fed is arguably much more important right now, perhaps even more critical to our nation's stability than the President himself.
[editline]4th January 2017[/editline]
[QUOTE=geel9;51624809]I just really doubt that Republicans are capable of fairly doing anything whatsoever.[/QUOTE]
It's in everybody's interest to not fuck up the Fed--that said, the libertarian sect of the Republican party is mostly autistic and has no reason to exploit this bill for partisan gain. I'm not even sure you could really give this an angle anyway.
[QUOTE=Chonch;51625454]
It's in everybody's interest to not fuck up the Fed--that said, the libertarian sect of the Republican party is mostly autistic and has no reason to exploit this bill for partisan gain. I'm not even sure you could really give this an angle anyway.[/QUOTE]
People are just generally very skeptical of the Republican party because no matter how bad the Democrats can get, the Republicans always somehow seem to be [I]worse[/I].
rand was the only republican in the 2016 primaries that didn't make me want to throw up on sight, I hope he can get some meaningful shit done
This is going to be the biggest waste of taxpayer money. Let three experts at the Federal reserve do their job without political interjection.
[QUOTE=Ridge;51624676]It's been doing that for over a decade by not raising interest rates since the 2002 economic downturn.[/QUOTE]
you usually only raise interest rates when inflation is high and/or the economy is overheating in a period of rapid expansion
Has anyone here read the FCIC?
For me its clear central banks will never be absent from political or lobbyist influence. Literally, Greenspan and others were told that they were heading to a catastrophe and DECIDED to ignore the signals (like economists publishing papers showing that, worried CEOs calling, whistleblowers, etc etc) and after everything went down the drain they came up with the classic bullshit: "Oh at the time I believed markets would correct themselves dont blame me plz"
Buuuut, central banks also avoid collapses and can sustain the size of our economies as we know them...
So, we re fucked still.
[QUOTE=Code3Response;51625957]This is going to be the biggest waste of taxpayer money. Let three experts at the Federal reserve do their job without political interjection.[/QUOTE]
There's no such thing as there being no political interjection.
[QUOTE=sgman91;51628608]There's no such thing as there being no political interjection.[/QUOTE]
it's usually good to reduce political influence wherever possible.
a great example of this is comparing the administrations of the Early usa (pre-1880s) and the High usa (post 1880s), because before the civil service was reformed pretty much every job in the federal government was subject to political appointment (Andrew Jackson abused to to pretty much hand out thousands of job positions to his close supporters), which meant that the first century of US history was one riddled with shockingly high levels of corruption and nepotism
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