Fed Audit debate going on right now Update: Paul/Grayson amendment passes.
From the Financial Services Committee, the debate can be seen live from their website.
Currently the discussion is between the Paul-Grayson ammendment versus the corrupt Mel Watt amendment.
Regardless of your political affiliation and regardless of how much knowledge you have of financial and economic details of our country - this is crucial!
"The Mel Watt amendment will obliterate everything HR 1207 is trying to do and in fact the Watt amendment will make the situation worse" - Ron Paul
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.
Update: The plan is to vote for the Paul-Grayson amendment at 4pm today.
Update: The plan is to vote for the Watt amendment right after. (Although they seem to entirely contradict each other)
Update: Voting delayed by 45 minutes.
Update: 43-26 for the Paul-Grayson amendment, bringing this bill back to legitimacy. I would just like to note, for anyone reading this in Massachusetts. Michael Capuano (MA-8) currently running for Senate, voted 'NO' on this critical amendment. This is the same individual who is claiming to be on the side of the consumer and for tougher financial regulation. There you have it, typical snake.
Assuming the bill passes as is and clears the House, we might be potentially looking at the first major dent against the invisible and secretive Federal Reserve despite the corruption of Mel Watt and Barney Frank whose tenure hopefully will come to do an abrupt end come 2010.
Final bill will be voted at a later date.
Currently the discussion is between the Paul-Grayson ammendment versus the corrupt Mel Watt amendment.
Regardless of your political affiliation and regardless of how much knowledge you have of financial and economic details of our country - this is crucial!
"The Mel Watt amendment will obliterate everything HR 1207 is trying to do and in fact the Watt amendment will make the situation worse" - Ron Paul
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.
Update: The plan is to vote for the Paul-Grayson amendment at 4pm today.
Update: The plan is to vote for the Watt amendment right after. (Although they seem to entirely contradict each other)
Update: Voting delayed by 45 minutes.
Update: 43-26 for the Paul-Grayson amendment, bringing this bill back to legitimacy. I would just like to note, for anyone reading this in Massachusetts. Michael Capuano (MA-8) currently running for Senate, voted 'NO' on this critical amendment. This is the same individual who is claiming to be on the side of the consumer and for tougher financial regulation. There you have it, typical snake.
Assuming the bill passes as is and clears the House, we might be potentially looking at the first major dent against the invisible and secretive Federal Reserve despite the corruption of Mel Watt and Barney Frank whose tenure hopefully will come to do an abrupt end come 2010.
Final bill will be voted at a later date.
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