Audit The Fed Bill Already Neutered In The Senate?

Robert Allison
PrisonPlanet
June 15th, 2009

HR 1207’s Senate version, S. 896, has been severely watered down, according to Iowa Senator Chuck Grassley. Grassley named the top Republican on the Banking Committee, Richard Shelby, Sen. from Alabama, as the man pouring the water.

As reported by the Huffington Post, handwritten notes in the margins of S. 896 include the amendment “with respect to a single and specific partnership or corporation”. This qualification severely limits the “scope of the oversight.”

Grassley wanted the Federal Reserve audit to include all of the ‘Feds Emergency Actions under 13(3).’ However, as limited as that type of audit would be, this amended version of HR 1207 won’t even have that level of authority. Grassley states “it does not threaten monetary policy independence.”

Audit The Fed Bill Already Neutered In The Senate? 250509BANNER

S. 896 appears to have a very narrow scope or focus, which could narrow even further in conference committee negotiations. Currently the limited scope is listed here:

1. Actions related to Bear Stearns and its acquisition by JP Morgan Chase, including:

a. Loan To Facilitate the Acquisition of The Bear Stearns Companies, Inc. by JP Morgan Chase & Co. (Maiden Lane I)

b. Bridge Loan to The Bear Stearns Companies Inc. Through JP Morgan Chase Bank, N.A.

2. Bank of America — Authorization to Provide Residual Financing to Bank of America

Corporation Relating to a Designated Asset Pool (taken in conjunction with FDIC and

Treasury)

3. Citigroup — Authorization to Provide Residual Financing to Citigroup, Inc., for a

Designated Asset Pool (taken in conjunction with FDIC and Treasury)

4. Various actions to stabilize American International Group (AIG), including a revolving

line of credit provided by the Federal Reserve as well as several credit facilities (listed

below). AIG has also received equity from Treasury, through the TARP, which would also

be captured in amendment #1020.

a. Secured Credit Facility Authorized for American International Group, Inc., on September

16, 2008

b. Restructuring of the Government’s Financial Support to American International Group,

Inc., on November 10, 2008 (Maiden Lane II and Maiden Lane III)

c. Restructuring of the Government’s Financial Support to American International Group,

Inc., on March 2, 2009

5. TALF — finally, amendment #1020 would expand GAO’s authority to oversee the TARP,

including the joint Federal Reserve-Treasury Term Asset-Backed Securities Loan Facility

(TALF)

*Neither* Amendment #1021 nor #1020 would include short-term liquidity facilities:

1. Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility

2. (AMLF)

3. Commercial Paper Funding Facility (CPFF)

4. Money Market Investor Funding Facility (MMIFF)

5. Primary Dealer Credit Facility and Other Credit for Broker-Dealers (PDCF)

6. Term Securities Lending Facility (TSLF)

http://www.prisonplanet.com/audit-the-fe...enate.html

And I've always felt that Grassley was a loser! Now he points out what a loser Shelby is. The only difference between a Democrat and a Republican is the spelling.

(06-15-2009 06:43 PM)NewFederalist Wrote:  And I've always felt that Grassley was a loser! Now he points out what a loser Shelby is. The only difference between a Democrat and a Republican is the spelling.

yeah I'll have agree with that. There are few smart people in the world today. It's kinda strange how someone who is 15 like me watches someone who is 50 be so brain dead. to the constitution that is. my dad has taught me allot and he thinks obamma is the mosr dangouras perosn for this country.



Ok i went a little off topic there

(06-15-2009 10:00 PM)zelf Wrote:  

(06-15-2009 06:43 PM)NewFederalist Wrote:  And I've always felt that Grassley was a loser! Now he points out what a loser Shelby is. The only difference between a Democrat and a Republican is the spelling.

yeah I'll have agree with that. There are few smart people in the world today. It's kinda strange how someone who is 15 like me watches someone who is 50 be so brain dead. to the constitution that is. my dad has taught me allot and he thinks obamma is the mosr dangouras perosn for this country.



Ok i went a little off topic there

The only people who don't get it are the ones not really giving it too much thought.

Zelf, it's too bad that most other kids don't have dads who teach them about our Constitution. My hat's off to your dad. I'm teaching my boy, also.

S. 604 Fed Reserve Sunshine Act (Sister Bill to HR 1207) Exposing Senators Who are NOT Co-Sponsors


http://www.scribd.com/doc/16483157/S-604...-CoSponsor

If this bill does not get passed, there needs to be a huge outcry and every incumbent needs to find themselves in the unemployment line. But, there is a part of me that would like them to expose their loyalties for what they are. We all wore the phone out telling them not to pass the bailout and yet here we are, stuck with it.

I'd like to see every incumbent (except the Good Doctor!) in the unemployment line regardless of this bill...

I am not a Ronulan, and going after the Federal Reserve is not my primary reason for joining the Constitution Party. It's not even my top 10.

There is already a Libertarian Party it's called the Libertarian Party. Any attempt to merge the Neocon Party with the Paleocon Party will ultimately fail. Libertarians are the New Conservatives (Neo Con), because they claim to be Conservative when they are not. I don't care how the Libertarians use that word New Conservative (neocon), I don't care how the Liberals use that word New Conservative (neocon), they are both inacurate. The most accurate use of that term comes from Pat Buchanan and even that is wrong because Conservatives of the past would sometimes declare war at the drop of a hat. So I say again any attempt to merge the Neocon Party and the Paleocon Party will ultimately fail because it is the very Neocons who destroyed the Republican Party.

(06-21-2009 11:05 PM)PIN Wrote:  I am not a Ronulan, and going after the Federal Reserve is not my primary reason for joining the Constitution Party. It's not even my top 10.

There is already a Libertarian Party it's called the Libertarian Party. Any attempt to merge the Neocon Party with the Paleocon Party will ultimately fail. Libertarians are the New Conservatives (Neo Con), because they claim to be Conservative when they are not. I don't care how the Libertarians use that word New Conservative (neocon), I don't care how the Liberals use that word New Conservative (neocon), they are both inacurate. The most accurate use of that term comes from Pat Buchanan and even that is wrong because Conservatives of the past would sometimes declare war at the drop of a hat. So I say again any attempt to merge the Neocon Party and the Paleocon Party will ultimately fail because it is the very Neocons who destroyed the Republican Party.

Then I have to ask you the same question that I have of others. Why are you here? We have already had this lecture from others who would correct us in our political views like a drunk Father telling his children not to smoke pot.

If every aspect of our life is going to be dictated by the Federal Reserve, if every war is going to be financed by the Federal Reserve and if the Federal Reserve is to be handed over to a world banking group that will set rates, values and carbon taxes. I would think the Federal Reserve would be the first place to audit.

You are well spoken, but I am afraid you might be a little politically naive, Just like a libertarian.