Old Project Avalon Forum (ARCHIVE) - View Single Post - HR 1207 UPDATES "The Federal Reserve Transparency Act"

peaceandlove · 09-26-2009, 02:50 AM

Audit the Fed Hearing Webstream

HOUSE FINANCIAL SERVICES CMTE. HEARING ON REGULATORY OVERHAUL

Today 9/25/2009

Rep. Barney Frank (D-MA) chaired a hearing on legislation that would require the Government Accountability Office to audit the Federal Reserve. Scott Alvarez, General Counsel to the Board of Governors of the Federal Reserve and Thomas Woods of the Ludwig von Mises Institute testified before the committee.

Washington, DC : 3 hr. 1 min.

http://www.c-span.org/Watch/Media/20...+Overhaul.aspx

There was a website address mentioned by Congressman Watt of North Carolina at 57 minutes which I am correcting here: Federal Reserve Credit and Liquidity Programs and the Balance Sheet http://www.federalreserve.gov/monetarypolicy/bst.htm

SOURCE and 177 COMMENTS so far: http://www.campaignforliberty.com/blog.php?view=25704

Thomas E. Woods, Jr.
Testimony in Support of HR 1207, The Federal Reserve Transparency Act of 2009
House Financial Services Committee
September 25, 2009

I am speaking this morning in support of HR 1207, the Federal Reserve Transparency Act. As the Committee knows, this bill would require a full audit of the Federal Reserve by the Government Accountability Office (GAO).

On November 10, 2008, Bloomberg News ran the following headline: “Fed Defies Transparency Aim in Refusal to Disclose.” The story pointed out that the Fed was refusing to identify the recipients of trillions of dollars in emergency loans or the dubious assets the central bank was accepting as collateral. When the initial $700 billion congressional bailout was being debated last September, Fed chairman Ben Bernanke and then-Secretary of the Treasury Hank Paulson couldn’t emphasize their commitment to transparency strongly enough. But “two months later, as the Fed [lent] far more than that in separate rescue programs that didn’t require approval by Congress, Americans [had] no idea where their money [was] going or what securities the banks [were] pledging in return.”

Continues: http://www.house.gov/apps/list/heari..._testimony.pdf

09-26-2009, 02:50 AM	#140
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Re: HR 1207 UPDATES "The Federal Reserve Transparency Act" Audit the Fed Hearing Webstream HOUSE FINANCIAL SERVICES CMTE. HEARING ON REGULATORY OVERHAUL Today 9/25/2009 Rep. Barney Frank (D-MA) chaired a hearing on legislation that would require the Government Accountability Office to audit the Federal Reserve. Scott Alvarez, General Counsel to the Board of Governors of the Federal Reserve and Thomas Woods of the Ludwig von Mises Institute testified before the committee. Washington, DC : 3 hr. 1 min. http://www.c-span.org/Watch/Media/20...+Overhaul.aspx There was a website address mentioned by Congressman Watt of North Carolina at 57 minutes which I am correcting here: Federal Reserve Credit and Liquidity Programs and the Balance Sheet http://www.federalreserve.gov/monetarypolicy/bst.htm SOURCE and 177 COMMENTS so far: http://www.campaignforliberty.com/blog.php?view=25704 Thomas E. Woods, Jr. Testimony in Support of HR 1207, The Federal Reserve Transparency Act of 2009 House Financial Services Committee September 25, 2009 I am speaking this morning in support of HR 1207, the Federal Reserve Transparency Act. As the Committee knows, this bill would require a full audit of the Federal Reserve by the Government Accountability Office (GAO). On November 10, 2008, Bloomberg News ran the following headline: “Fed Defies Transparency Aim in Refusal to Disclose.” The story pointed out that the Fed was refusing to identify the recipients of trillions of dollars in emergency loans or the dubious assets the central bank was accepting as collateral. When the initial $700 billion congressional bailout was being debated last September, Fed chairman Ben Bernanke and then-Secretary of the Treasury Hank Paulson couldn’t emphasize their commitment to transparency strongly enough. But “two months later, as the Fed [lent] far more than that in separate rescue programs that didn’t require approval by Congress, Americans [had] no idea where their money [was] going or what securities the banks [were] pledging in return.” Continues: http://www.house.gov/apps/list/heari..._testimony.pdf Last edited by peaceandlove; 09-27-2009 at 12:19 AM.