A key House panel approved the Paul-Grayson Amendment by an overwhelming 43-26 Thursday afternoon, which will give watchdogs new authority to audit the Federal Reserve.
Here is a summary of the Paul-Grayson Amendment:
Dear Financial Services Committee Colleague:
It is encouraging to see the issue of Federal Reserve transparency receiving so much attention during this current markup. Today we plan to offer an amendment to the Financial Stability Improvement Act that expands on the many extant proposals to enhance Federal Reserve transparency. Our amendment is based on HR 1207, the Federal Reserve Transparency Act, which has broad bipartisan and grassroots support. The bill is cosponsored by 309 Members of Congress, including all Financial Services Committee Republicans and 13 Financial Services Committee Democrats.
The amendment removes restrictions on GAO audits of the Federal Reserve, as HR 1207 does, but makes a few changes to take into account some of the concerns that the Fed has made known in public testimony. Specifically, the Paul/Grayson amendment:
* Exempts unreleased transcripts and minutes from meetings of the Board and FOMC to address the Fed’s concerns that free and open debate in their meetings would be stifled.
* Sets a 180-day time lag for release of details of market actions the Fed has undertaken, to address the Fed’s concerns that Congress or GAO is second-guessing its actions.
* Removes boilerplate language that allowed GAO to make recommendations on monetary policy and adds a section stating that nothing in the amendment shall be construed as interference in or dictation of monetary policy to the Fed.
Unlike proposals that target the Fed’s 13(3) facilities, the Paul/Grayson amendment opens up the entire $2 trillion Federal Reserve balance sheet to a GAO audit. The Fed’s recent purchases of nearly $800 billion in mortgage-backed securities (MBS) have occurred under the MBS Purchase Program, authorized under section 14(b) of the Federal Reserve Act. This program, which is expected to reach a size of $1.25 trillion, would remain exempt from audit even if all the current 13(3) audit proposals were to go into effect. Targeting facilities that are in the process of being drawn down and that are authorized under a specific subsection of the Federal Reserve while allowing other facilities to spring up in their place is counterproductive to true transparency. All purchases and loans that appear on the balance sheet should be subject to audit, without loopholes for the Fed to evade scrutiny.
More importantly, the Paul/Grayson amendment does not create any additional burdens. Some competing proposals, while making a good effort at expanding the number of 13(3) facilities open to audit, take a step backwards by imposing new restrictions on GAO that are more burdensome than the restrictions currently written into law. We cannot accept these new restrictions. Unlike competing proposals, this amendment amends existing restrictions on GAO audit authority, a necessary precondition for a complete audit. Competing proposals leave these restrictions in place, and even add new ones.
We also reject the false dichotomy between transparency and independence. The Paul/Grayson amendment would achieve the necessary transparency of the trillions of dollars of Fed interventions while keeping Congress from directly intervening in the decision-making process. Independence should not be synonymous with secrecy. We urge our colleagues to support the Paul/Grayson amendment.
Sincerely,
Ron Paul, Member of Congress
Alan Grayson, Member of Congress
Pitchforks and torches.
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How long and How many bad reports before
we learn the lesson – We need to form opposable non violent
coalitions Using Obama’s own words that can
move policies for real… http://www.bailoutmainstreetnow.com this will take some hard work
but people have to start by adding positive contributions
so that we can effect real change
People who want to do something positive –
http://www.bailoutmainstreetnow.com – Channel your energies in a positive way. Here are some suggestions, build a web page, phone your congressman, attend meetings in your local area with like minded people to form or support freedom coalitions, email your local representatives, call Washington, have group viewings videos that have verified information pertaining to amendment rights… http://www.bailoutmainstreetnow.com
People who want to do something positive – http://www.bailoutmainstreetnow.com – Channel your energies in a positive way. Here are some suggestions, build a web page, phone your congressman, attend meetings in your local area with like minded people to form or support freedom coalitions, email your local representatives, call Washington, have group viewings videos that have verified information pertaining to amendment rights…
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You know, as americans we must ask ourselves WHY Why are British Empire countries, israelis,italians..etc etc ..in our country occupying and influencing ? You see, america invaded Italy. America has insinuated itself and is occupying ca. 160 ?? countries, FORCING itself and its phony money upon others and Israelis love to have it so.America has been the catalyst for Britain to continue its scabied filthy thieving policies and british torturers have done their deeds upon many people , the Irish among many others.Britain has committed uspeakable, innumerous crimes against the world and has never had to pay for them. They have infected and infested USA and Americas army policies ARE Britains goals. America took over for France in vietnam. America is using Korea to advance its economic extortion from asia, and america has invaded and stolen Hawaii from the Hawaiians.Britain has used america, and americans continually lie down as the Armed Services and the Pentagon Rob and Rape one country after the next. I BLAME BRITAIN AND the Pentagon and the pentagon regularly studies with british war planners and the London school of economics ! So, when US citizens cannot pay off their mortgage and Iceland goes under, just remember, America is raping many countries and Britain loves to have it so !!!
Lane
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November 18, 2009
Rothschild/Warburg Mouthpiece ADL Mouths Off
Posted by David Kramer on November 18, 2009 06:54 AM
As more and more Americans are awakening to the truth about what is going on in this country as far as our corrupt monetary system (central banking/fractional reserve banking/fiat currency) is concerned, the Banksters who implemented this system and make the most money from it are starting to get more and more annoyed. Their official mouthpiece, the Anti-Defamation League (ADL), has just published another major broadside on its website in order to “pooh-pooh” all of the information and protests that have exponentially risen in the last few years against the Banksters’ monetary machinations that are finally destroying the middle class in this country after almost 100 years in operation.
The ADL is a Jewish organization. What’s very interesting about this latest report is that there is NOT ONE MENTION of the word “Jews,” “Jewish,” or “Jewish Bankers” in the entire report. I think this is because the old “anti-Semitic” canard is rapidly losing its scare hold on people who are starting to wake up to our totally fraudulent monetary system. Many Jewish U.S. citizens (including myself) in this country who are obviously just as financially hurt by our awful inflationary/boom-and-bust system as the vast majority of non-Jewish U.S.citizens are starting to realize that they have been used as a front (”Oy! The goyim think that Jewish Bankers run the world! It’s an anti-Semitic lie!”) in order to obscure the truth that certain major banking families who happen to be Jewish created a system that hurts the vast majority of the U.S. population. (Let’s not forget that the gentile Rockefeller family was one of the top players in the creation of this “Federal” Reserve/fractional reserve banking/fiat currency scam.)
There are too many of “the usual suspects” topics in this report for me to list in this blog. Read it for yourself and you’ll see that our anti-government/anti-Fed movement is really starting to pick up steam. Though I am one of those cynics who believes that the New World Order is already here—which is why anti-“Fed” people like Ron Paul, Peter Schiff, Gerald Celente, and Jim Rogers are allowed so much MSM air time (i.e., they are no longer a threat to the Banksters)—I still think it is terrific that because so many sheeple are starting to wake up, the Establishment has to falsely attack them at this late date.
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keep on keepin on
the fed will soon be gone
we’ll fire the crooks
who cooked the books
grayson/paul could end it all
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Who Controls the Federal Reserve System?
Board of Governors:
Ben S. Bernanke(Jew) – Chairman
Donald L. Kohn(Jew) – Vice Chairman
Kevin M. Warsh(Jew Wife: Jane Lauder)
Elizabeth A. Duke(White European)
Daniel K. Tarullo(White European)
Federal Reserve District Banks:
Eric S. Rosengren(Jew) – President, Federal Reserve Bank of Boston
William C. Dudley(White European) – President, Federal Reserve Bank of New York
Charles I. Plosser(Jew) – President, Federal Reserve Bank of Philadelphia
Sandra Pianalto(White European) – President, Federal Reserve Bank of Cleveland
Jeffrey M. Lacker(Jew) – President, Federal Reserve Bank of Richmond
Dennis P. Lockhart(White European) – President, Federal Reserve Bank of Atlanta
Charles L. Evans(White European) – President, Federal Reserve Bank of Chicago
James B. Bullard(Jew) – President, Federal Reserve Bank of St. Louis
Gary H. Stern(Jew) – President, Federal Reserve Bank of Minneapolis
Thomas M. Hoenig(Jew) – President, Federal Reserve Bank of Kansas City
Richard W. Fisher(Jew) – President, Federal Reserve Bank of Dallas
Janet L. Yellen(Jew) – President, Federal Reserve Bank of San Francisco
Of the five(5) members of the Federal Reserve Board of Governors, three(3) are Jews or have Jewish spouses. This is a numerical representation of 60%. Of the twelve(12) Federal Reserve District Bank presidents, eight(8) are Jews. This is a numerical representation of 67%. Jews are approximately 2% of the United States population. This means that Jews are over-represented on the Federal Reserve Board of Governors by a factor of 30 times, or 3,000 percent, and over-represented among the Federal Reserve District Bank presidents by a factor of 33.5 times, or 3,350 percent.
This extreme numerical over-representation of Jews among the members of the Federal Reserve Board of Governors and the Federal Reserve District Bank presidents cannot be explained away as a coincidence or as the result of mere random chance. You must ask yourself how such an incredibly small and extremely unrepresentative minority ethnic group that only represents 2% of the American population could so completely dominate the U.S. Federal Reserve System.
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Who Controls the Federal Reserve System?
For the past thirty-nine(39) years, every Chairman of the Federal Reserve System has been a Jew, except for a brief period of a year and a half.
Arthur Frank Burns(Jew)
term: February 1, 1970 – January 31, 1978
George William Miller(White European)
term: March 8, 1978 – August 6, 1979
Paul Adolph Volcker(Jew)
term: August 6, 1979 – August 11, 1987
Alan Greenspan(Jew)
term: August 11, 1987 – January 31, 2006
Ben Shalom Bernanke(Jew)
term: Feb. 1, 2006 – present
Jews are approximately 2% of the United States population. The probability that this many chairmen of the Federal Reserve System would be Jews is infinitesimally small. This extreme numerical over-representation of Jews among the chairmen of the Federal Reserve System cannot be explained away as a coincidence or as the result of mere random chance. You must ask yourself how such an incredibly small and extremely unrepresentative minority ethnic group that only represents 2% of the American population could so dominate the chairmanship of the Federal Reserve System.
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Dennis B Reply:
November 21st, 2009 at 4:24 am
Paul Adolph Volcker is NOT Jewish. He’s Episcopal and Presbyterian. Look it up.
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