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Paul-Grayson’s Audit the Fed Measure Added to Bill

November 20, 2009

Written by Sue · Filed Under Business, U.S. 


Comments

3 Responses to “Paul-Grayson’s Audit the Fed Measure Added to Bill”

  1. Bob on November 20th, 2009 11:39 am

    “Fed Chairman Ben Bernanke … strongly opposes Paul’s audit the Fed bill, claiming it would … effectively put monetary policy in the hands of Congress.”

    Interesting. I had to go back and double-check the Constitution, but it does say what I thought it does.

    Article I Section 8 gives Congress the power to “coin money and regulate the value thereof.” So, what I hear Bernanke saying is that he opposed the Paul-Grayson bill because it will effectively allow Congress to do the job assigned to it in the Constitution. For whom does he work?

  2. Mark on November 20th, 2009 11:58 am

    I applaud Mr grayson and Dr paul for what they are doing its about time we see just how corrupt this system is and i have a hunch everyone is going to be FLABBERGASTED about there shady dealings

  3. Justin on December 8th, 2009 2:51 pm

    http://globaleconomicanalysis.blogspot.com/2009/09/fed-offers-2-cents-on-audit-fed-dollar.html

    In the above post, it says “The Fed’s monetary-policy operations — such as interest-rate decisions and loans to banks through its discount window — are blocked by law from GAO review.”

    How is this possible if Article I Section 8 of the constitution gives Congress the power to regulate the value of our money? In some way isn’t the Fed the money- valuation arm of Congress & therefore shouldn’t it be able to be audited by the GAO? When did the Fed begin to be considered as the almighty decider of monetary policy & monetary valuation?

    I look forward to the upcoming happenings with this amendment & am very pleased it has even gotten this far.

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