The Ice Blog

by Ice

Audit The Fed May Lay Groundwork for “End The Fed”

As this OpenCongress article points out, once the Fed has undergone an audit and its failings found … it may be discovered that the wisest move would be to “End The Fed.”

From the article:

Current U.S. Code protects the Fed’s secrecy in several important areas (31 USC 714 – Sec. 714):

Audits of the Federal Reserve Board and Federal reserve banks may not include – (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.

All of these barriers to access would be eliminated by Rep. Paul’s bill.

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April 22, 2009 - Posted by | Banks, Congress, Economy, End of America, End the Fed, Federal Reserve, Finance, Fraud, Government, Legislation, Politics, Ron Paul, Statutes | , , , , , , , , , , , ,

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