Long overdue IMO. It will be interesting to see who votes for and against the bill.

"The House oversight committee voted Wednesday to demand a broad audit of the Federal Reserve System by congressional investigators — a major move that lawmakers said is designed to bring accountability to the murky workings of the independent central bank.

The bill was sponsored by Rep. Ron Paul, the Texas Republican who turned the push for an audit into a powerful presidential campaign slogan and whose criticism of the Fed’s monetary policy drew hundreds of thousands of voters into the political process."

http://www.washingtontimes.com/news/...dvances-house/

Auditing it is the best way to bring about solid discussions about how to wind it down and then end it.

Auditing... Yeah, that's going to make a difference. And by congressional investigators no less. With their stellar record of rooting out corruption they should have the job done by next Tuesday.

Sounds like just another congressional boondoogle in the making. Who needs to do any real work, when congress is so caught up in investigating Holder?

Originally Posted by thunder1

Auditing... Yeah, that's going to make a difference. And by congressional investigators no less. With their stellar record of rooting out corruption they should have the job done by next Tuesday.

Possibly, unless Obama claims executive privledge.

They robbed Ft. Knox. It needs to be exposed.

Originally Posted by thunder1

Auditing... Yeah, that's going to make a difference. And by congressional investigators no less. With their stellar record of rooting out corruption they should have the job done by next Tuesday.

Sounds like just another congressional boondoogle in the making. Who needs to do any real work, when congress is so caught up in investigating Holder?

As opposed to what? Investigating The Rocket? Holder is responsible for heading up a department who's actions lead to the deaths of hundreds of people. Nice to know you don't think that's important.

Auditing the Fed is also important, and the people who don't want the Fed Audited are afraid of what will come out in the light.

Originally Posted by P-51C

Possibly, unless Obama claims executive privledge.

The whole thing would become just another political sideshow. Instead of writing meaningful legislation that both sides can agree on, just pester the problem to death with congressions panels. Ugh. A less worthy act of congress I could not imagine. Except maybe for impeaching Clinton for lying about the meaning of the word it...

I believe the term for this audit should be a Forensic Audit. It should have been done forty years ago.

Originally Posted by LcJ

I believe the term for this audit should be a Forensic Audit. It should have been done forty years ago.

yup...

And I'll be very interested to see who stands up against the audit vote.

Originally Posted by logan5

As opposed to what? Investigating The Rocket? Holder is responsible for heading up a department who's actions lead to the deaths of hundreds of people. Nice to know you don't think that's important.

Auditing the Fed is also important, and the people who don't want the Fed Audited are afraid of what will come out in the light.

You do know the Fed is already audited by several sources? You can read their annual reports on any of their websites.

Here's the one for the Minneapolis Fed which was done by Deloitte and Touche.

Want the one for the Board of Governors in Washington, D.C.?? Right here...

How many audits do you think you'll need?

When is Congress going to work on a jobs bill? Oh, right... This is an election year.

Originally Posted by HELModels

They robbed Ft. Knox. It needs to be exposed.

??????

Where did that comment come from? There is more gold stored with the New York Fed than is stored at Fort Knox. Virtually all foreign governments store their gold reserves at FRBNY. It's simply one of the most secure vaults on the planet.

Originally Posted by Pipemajor

When is Congress going to work on a jobs bill? Oh, right... This is an election year.

Hopefully, never, because when they work on a jobs bill, it's almost always an anti jobs bill.

Jobs are a *side effect* of wealth creation, not the cause of it. What many in Congress and all on the left mean when they say 'job creation' is more State spending of someone else's wealth in areas the market already proves it doesn't actually want the money spent, because it hasn't done so.

The Big Planners best job creation move is to get the heck out of the way, zip up their pants, and stop raining on the marketplace.

Originally Posted by MtnGoat

Hopefully, never, because when they work on a jobs bill, it's almost always an anti jobs bill.

Just like the WWII GI Bill was anti-education; anti-home ownership; anti-small business loans?

Jobs are a *side effect* of wealth creation, not the cause of it. What many in Congress and all on the left mean when they say 'job creation' is more State spending of someone else's wealth in areas the market already proves it doesn't actually want the money spent, because it hasn't done so.

The Big Planners best job creation move is to get the heck out of the way, zip up their pants, and stop raining on the marketplace.

Oh yeah, trickle down economics again...

Originally Posted by Pipemajor

You do know the Fed is already audited by several sources? You can read their annual reports on any of their websites.

Here's the one for the Minneapolis Fed which was done by Deloitte and Touche.

Want the one for the Board of Governors in Washington, D.C.?? Right here...

How many audits do you think you'll need?

When is Congress going to work on a jobs bill? Oh, right... This is an election year.

Show me a "jobs" bill that actually created meaningful jobs ... and not just a million dollars per job kind of numbers. Or some made up "jobs saved" figure. A true "Jobs" bill is one that creates an environment where companies feel the economy is stable and the government is out of the way. That's what will start meaningful job creation ... not just digging holes and filling them up again.

I also find it curious that while progressives like you continue to rail against "Big Buisness" you all seem to turn a blind eye to the Fed.

Originally Posted by Pipemajor

Just like the WWII GI Bill was anti-education; anti-home ownership; anti-small business loans?

Yes, just like that. Subsidies do not make things actually cost less. We can't know that anything which occurred in those programs was actually net gain because the act of subsidy and favoritism distorts the price structure whereever it takes place.

You can argue for it on social grounds all you like, but claiming zero sum practices are a net gain is a loser right out of the gate. Stick to "they won the war, they deserved it" or something. We're not locked into buying garbage economics because the beneficiaries of it served in a war.

Oh yeah, trickle down economics again...

In their actual form, yes. A dollar spent in a State 'jobs' program is either borrowed, inflated, or taken from someone else.

The first option is problematic from a net return point of view at the outset, the second one is destructive to the entire monetary system, and the third merely moves the dollar from the payers grocer's till to the recipient's grocer's till. No 'multiplier', no net gain.