Audit the Fed, S2232

“Experience hath shewn, that even under the best forms, those entrusted with power have, in time, and by slow operations, perverted it into tyranny; and it is believed that the most effectual means of preventing this would be, to illuminate, as far as practicable, the minds of the people at large.” – Thomas Jefferson

   Last week, my church Pastor said now was the time of the year when Pastors walk their dogs, talk to God, and create their SMART goals for next year (Specific, Measurable, Actionable, Readily Achievable, and Timely).  Seeing how he was taking some time to think, I thought I’d let my mind wander as well. 

“If the Bank really be a grievance, why is it that no one of the real people is found to ask redress of it? The truth is, no such oppression exists. If it did, our table would groan with memorials and petitions, and we would not be permitted to rest day or night, till we had put it down.” – Abraham Lincoln

  The Senate’s Audit the Fed vote was today and, as people today are crying foul, watching helplessly as trillions of their dollars are given to bankers, and as Abe’s birthday is again approaching, I thought it appropriate to look at January 11, 1837, President Abraham Lincoln rising to deliver his Speech concerning the State Bank to Illinois’ State Legislature. 

“Some gentlemen have the stock in their hands, while others, who have more money than they know what to do with, want it; and this, and this alone, is the question, to settle which we are called on to squander thousands of the people’s money.  What interest, let me ask, have the people in the settlement of this question? What difference is it to them whether the stock is owned by Judge Smith or Sam. Wiggins?  If any gentleman be entitled to stock in the Bank, which he is kept out of possession of by others, let him assert his right in the Supreme Court, and let him or his antagonist, whichever may be found in the wrong, pay the costs of suit. It is an old maxim and a very sound one, that he that dances should always pay the fiddler. Now, sir, in the present case, if any gentlemen, whose money is a burden to them, choose to lead off a dance, I am decidedly opposed to the people’s money being used to pay the fiddler.” – Abraham Lincoln

When I started my quest, a banker friend of mine sent me a note, “I took your journey back when I was 35.  The problem with peeling an onion is, the more layers you peel, the more it stinks.”  Attached with his note was the book, “Currency Wars.”  I’ve never been the same.

“These capitalists work harmoniously and in concert to fleece the people.” – Abraham Lincoln

Dear Abe, since you left they created a Federal Reserve composed only of big bankers, whose profits they’ve guaranteed by making the people liable for them.  They’ve created “covered” transactions, made foreign dealings un-auditable by our Congress, and removed silver or gold from our legal tender.  Your nation now owes more than the rest of the world combined.  What do we do now?  I thought a look at S2232, Audit the Fed, might be illuminating.

“Be sincere; be brief; be seated.” – Franklin D. Roosevelt

So what is Audit the Fed?  What is Bill S2232?

Audit the Fed bill advocates:

 a) striking everything after “in writing” of subsection b of section 714 of Title 31, and

b) striking subsection f in its entirety.

What does that mean?  The links are above, but I’ve also pasted the application sections below.  Read for yourself, but to my pea brain, it sounds like it allows an actual Audit by Congress, the ones who created the Federal Reserve, the ones who are charged with managing our purse strings, the very ones we count on to be ‘in the know.’  Why would ‘transactions for or with a foreign bank, government of a foreign country, or non-private international financing organization’ be exempt from purview?  Elizabeth Warren, you truly seem to be for the people.  Harry Reid, Bob Corker,  somebody, please tell us why the 80% of Americans who support a full audit of the Federal Reserve are wrong.  Why don’t you support Audit the Fed?

“The basis of our political system is the right of the people to make and to alter their constitutions of government.” – George Washington

(b)  Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing.  Audits of the 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 and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

1. and

2. (f)  Audits of Credit Facilities of the Federal Reserve System.—

(1) Definitions.—In this subsection, the following definitions shall apply:

(A) Credit facility.—

The term “credit facility” means a program or facility, including any special purpose vehicle or other entity established by or on behalf of the Board of Governors of the Federal Reserve System or a Federal reserve bank, authorized by the Board of Governors under section 13(3) of the Federal Reserve Act (12 U.S.C. 343), that is not subject to audit under subsection (e).

(B) Covered transaction.—

The term “covered transaction” means any open market transaction or discount window advance that meets the definition of “covered transaction” in section 11(s) of the Federal Reserve Act.



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