House passes Ron Paul-backed bill giving Congress greater scrutiny over Federal Reserve - The Washington Post - Associated Press:
July 25, 2012 - "The House voted Wednesday to give Congress greater scrutiny over the monetary policy decisions of the Federal Reserve, approving legislation sponsored by longtime Fed nemesis Rep. Ron Paul.
"The 76-year-old Texas Republican, who is retiring at end of this session, has made a career of trying to do away with the Fed, which he blames for the growth of government and the rising federal deficit. Failing to accomplish that, he has pushed to make the independent central bank’s operations more transparent....
"The legislation, which passed 327-98, would require the Government Accountability Office, the investigative arm of Congress, to carry out comprehensive audits of the Fed’s Board of Governors and 12 regional banks.
"The Fed is subject to annual financial statement audits and the Dodd-Frank Act passed after the 2008 Wall Street meltdown does have provisions, backed by Paul, for auditing certain Fed activities. But the new legislation goes further in requiring inspections of the bank’s monetary policy decision-making, including its agreements with foreign central banks and Foreign Open Market Committee directives."
Read more: http://www.washingtonpost.com/business/house-passes-ron-paul-backed-bill-giving-congress-greater-scrutiny-over-federal-reserve/2012/07/25/gJQA2b5T9W_story.html
'via Blog this'
July 25, 2012 - "The House voted Wednesday to give Congress greater scrutiny over the monetary policy decisions of the Federal Reserve, approving legislation sponsored by longtime Fed nemesis Rep. Ron Paul.
"The 76-year-old Texas Republican, who is retiring at end of this session, has made a career of trying to do away with the Fed, which he blames for the growth of government and the rising federal deficit. Failing to accomplish that, he has pushed to make the independent central bank’s operations more transparent....
"The legislation, which passed 327-98, would require the Government Accountability Office, the investigative arm of Congress, to carry out comprehensive audits of the Fed’s Board of Governors and 12 regional banks.
"The Fed is subject to annual financial statement audits and the Dodd-Frank Act passed after the 2008 Wall Street meltdown does have provisions, backed by Paul, for auditing certain Fed activities. But the new legislation goes further in requiring inspections of the bank’s monetary policy decision-making, including its agreements with foreign central banks and Foreign Open Market Committee directives."
Read more: http://www.washingtonpost.com/business/house-passes-ron-paul-backed-bill-giving-congress-greater-scrutiny-over-federal-reserve/2012/07/25/gJQA2b5T9W_story.html
'via Blog this'
No comments:
Post a Comment