I have proven to you several times that all of the programs in the Federal Reserve are not audited and you claimed they were. You must concede that point first.
“The crucial issue of Federal Reserve transparency requires an analysis of 31 USC 714, the section of US Code which establishes that the Federal Reserve may be audited by the Government Accountability Office (GAO) but which simultaneously severely restricts what the GAO may in fact audit. Essentially, the GAO is only allowed to audit check-processing, currency storage and shipments, credit facilities (limited) and some regulatory and bank examination functions, etc. The most important matters, which directly affect the strength of the dollar and the health of the financial system, are immune from oversight.
Currently, the GAO is prohibited from auditing:
1. transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
2. deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations
3. transactions made under the direction of the Federal Open Market Committee; or
4. a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection of US Code.
The GAO is also prevented from conducting on-site examinations of banks or bank holding companies without the written consent of the appropriate regulatory agency.
HR 459 and S 202, The Federal Reserve Transparency Act, would eliminate these restrictions and mandate a thorough GAO audit of the Fed, finally delivering answers to the American people about how our money is being spent.”
Since you didn’t understand how the current “audit” process worked in the first place you couldn’t have understood the bill.[/quote]
Typically, you’ve misrepresented what I’ve said. Which not that all of the programs of the Fed have been audited, only that a financial audit is performed and the report published each year.
Paul’s bill DOES emiliminate those limitations. But it doesn’t call for any specific audit. Just “an audit”. There is no such thing as a “complete audit”. It would be prohibitively expensive. So without identifying a specific scope, Paul’s bill does nothing. It doesn’t increase the scope of existing audits.
The difference between what you understand in this space, and what I understand, is like the difference between someone who reads Mad Magazine and thinks they know what they’re talking about, and someone whose actually dealth with federal regulations on a day to day basis for more than 30 years. Sorry to be so condescending, but you don’t know WTF you’re talking about.
