Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By synchrOMicity
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

US House passes bill to audit Federal Reserve

% of readers think this story is Fact. Add your two cents.



US House passes bill to audit Federal Reserve

Thu Sep 18, 2014 2:7AM

 

The US Federal Reserve System serves as a central bank and monitors banking practices.

The US House of Representatives has overwhelmingly approved legislation to audit the Federal Reserve, the central banking system of the United States.

On Wednesday, the Republican-controlled House voted 333 to 92 in favor of the “Audit the Fed” bill that would authorize the Government Accountability Office (GAO) to audit the Federal Reserve’s board of governors and banks within one year and present a report to Congress on the findings.

Presently the GAO is severely restricted in the conduct of such audits.

In 2012, a version of the legislation sponsored by former Representative Ron Paul was approved by the House by a vote of 327 to 98.

The Texas Republican had proposed similar legislation back in 1983, but it failed to gain much support at the time.

The Obama administration has given the Federal Reserve new powers to oversee the financial system and regulate it, but Paul believes there should be more transparency on the side of the government.

Representative Paul Broun said the bill would make the system at the central bank more transparent.

“This is a vital piece of legislation that will help to usher in a new era of transparency in this nation’s monetary policy,” said Broun, the bill’s sponsor. “The Federal Reserve is a creation of Congress, and it must therefore be subject to the oversight and regulation of Congress.”

Representative Thomas Massie urged the Federal Reserve to make its system more open to the public.

“Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations,” Massie said.

http://www.presstv.ir/Detail/2014/09/18/379094/US-House-passes-Audit-the-Fed-bill



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.