Emergency Lending, And Operations With Foreign Banks

How about some good news with a NH flavor:

The Federal Reserve Transparency Act (H.R. 459), passed the US House by an overwhelming majority of 327 to 98 July 25. This bill would direct the Government Accountability Office (GAO) to conduct a full audit of the Federal Reserve and submit a report to Congress. Currently, the GAO cannot audit Federal Reserve monetary policy operations, emergency lending, or operations with foreign banks.

Repeat: Emergency lending, or operations with foreign banks.

Since 2008, the Federal Reserve has tripled its balance sheet to $3 trillion, which is roughly 20 percent of the economy, through bailouts and economic interventions.

Charlie Bass, a cosponsor of the bill, said:

"While the Federal Reserve plays a very important and appropriate role in setting our nation's monetary policy, it should be transparent and subject to review by the American people and Congress. Given the tremendous and unprecedented actions of the Federal Reserve in the last few years in response to the economic crisis, it is right for Congress to exercise proper review of an entity whose policy decisions affect every individual American and business. I encourage the Senate to pass it without delay to improve transparency and ensure the soundness of our nation's money supply."

Representative Frank Guinta said:

“This is another step forward in the fight to fix Washington’s broken culture.  Whenever massive amounts of taxpayer money are involved, there should be no exemption from transparency and accountability.  That is especially true for the Fed, which has tripled the size of its balance sheet since the financial crisis began in 2008 to $3 trillion dollars, equivalent to 20 percent of the U.S. economy.  It has loaned nearly $16 trillion over that time; Granite Staters and all Americans have the right to know where that money went.  The Fed turns 100 years old next year.  A full, top-to-bottom audit would be a great way to mark its centennial.”

The best thing about the GAO auditing the Fed is: They might take the hint that they are next and clean up their own act. So I suggest we take no prisoners from the Fed audit and watch the early retirements in other huge, unaccountable bureaucracies.

If NH taxpayers can count on our two Congressmen to do the necessary and patriotic thing and audit the Federal Reserve, (Thank you Ron Paul) what about our two US Senators?

My crystal skull tells me Sen. Ayotte is fine with the audit vote and would go along with Charlie Bass and Frank Guinta, but then there is the Democrat sitting in one of the two NH Senate seats, tax-and-spend, anti-voter ID Jeanne Shaheen.

Since the US Senate is held hostage by Obamaite Harry Reid, the current excuse for a Senate President, The Federal Reserve Transparency Act may not be given the dignity of a vote for fear of the audit passing.

Just as with the US Senate, the citizens of Nevada are held hostage by their Senator, Reid, so he can offer political cover to Barack Obama.

Harry Reid couldn’t perform all this manipulation and stalling without the help of Jeanne Shaheen’s NH vote.

We need to fix that problem.