Audit The Fed
A step in the right direction last night by the House Finance Committee.
In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute lobbying from top Fed officials and the surprise opposition of Chairman Barney Frank (D-Mass.), who had previously been a supporter.
The measure, cosponsored by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.), authorizes the Government Accountability Office to conduct a wide-ranging audit of the Fed’s opaque deals with foreign central banks and major U.S. financial institutions. The Fed has never had a real audit in its history and little is known of what it does with the trillions of dollars at its disposal.
And Barney Frank reveals that he just talks a good story.
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And this weekend, while the world watches football or sleeps, your Senate will be meeting to vote on a “health” bill, which is really an “insurance” bill. Like the House, the will meet while reporters are not really doing a lot of coverage (weekend) and the Senate is even sneakier–they said they wouldn’t be voting until next year. Instead they will do it before a large holiday.
Comment by Maria — 11/20/2009 @ 12:33 pm
And they’re trying to buy the few votes they’re not sure of getting.
Comment by BMB — 11/20/2009 @ 12:38 pm
And, how about the US Postal Service, shouldn’t they have reform, too?
Raise postage, cut services seems to be their answer.
http://www.cbsnews.com/stories/2009/11/19/politics/main5711797.shtml
Comment by Henry — 11/20/2009 @ 12:52 pm
The post office needs something. This year, instead of mailing gifts, it’ll be gift certificates in almost all cases. I mailed a 3 pound parcel post recently and it cost almost 11 dollars. That doesn’t make economical sense. It’s cheaper to give someone a walmart gift certificate than send them a gift–by enough that it matters.
Comment by Maria — 11/20/2009 @ 1:36 pm