If you're interested in the Bill for Auditing the Fed(H.R. 1207) there is a webstream for an ongoing hearing located here. If you're an econ nerd it's been really fun thus far. Link edited: fixed title and link edit2: It's over. [Edited by - Dreddnafious Maelstrom on September 25, 2009 11:20:32 AM]

Guess I missed it, but I'm still a bit curious about why libertarians keep turning to that historian guy for complex economic issues.

From: Plano, TX, United States

Why can't my congressman be Ron Paul. I wrote to my asshole twice and he still didn't sign it.

The bill already has a lengthy wikipedia entry: Federal Reserve Transparency Act

I think it's likely to pass the House. Bernie Sanders introduced the Senate version. If the socialist is supporting the libertarian bill, then this bill must be pretty good. I expect it will have difficulties getting through the Senate. I also think that Glenn Beck's involvement in promoting this bill will hurt it's chances of passing.

What are the arguments against the bill?

Based on this article, Fed’s Alvarez Defends Federal Reserve’s Independence,

1. The Fed is already accountable to Congress and the public.
2. The Fed regularly publishes annual audits of it’s financial statements.
3. The Fed must act in independence from legislative pressure
4. The bill would “cast a chill” on policy talks
5. Audits may impede broader market facilities, such as discount window lending


Does the bill establish a regular audit schedule for the Fed or does it demand a one time audit?

Quote: Original post by LessBread
The bill already has a lengthy wikipedia entry: Federal Reserve Transparency Act

I think it's likely to pass the House. Bernie Sanders introduced the Senate version. If the socialist is supporting the libertarian bill, then this bill must be pretty good. I expect it will have difficulties getting through the Senate. I also think that Glenn Beck's involvement in promoting this bill will hurt it's chances of passing.

What are the arguments against the bill?

Based on this article, Fed’s Alvarez Defends Federal Reserve’s Independence,

1. The Fed is already accountable to Congress and the public.
2. The Fed regularly publishes annual audits of it’s financial statements.
3. The Fed must act in independence from legislative pressure
4. The bill would “cast a chill” on policy talks
5. Audits may impede broader market facilities, such as discount window lending


Does the bill establish a regular audit schedule for the Fed or does it demand a one time audit?

Those points you mention are the main arguments I have heard in opposition to HR1207.
I find point #3 to be quite humorous, as monetary policy is actually the responsibility of the legislature.

Here is the text of the bill, by the way: http://www.govtrack.us/congress/billtext.xpd?bill=h111-1207

I'm not sure about regular audits but it does mandate an audit completed before December 2010.

Edit: You can view a recording of the hearing here.

[Edited by - mhamlin on September 25, 2009 3:36:55 PM]

Quote: Original post by LessBread
I also think that Glenn Beck's involvement in promoting this bill will hurt it's chances of passing.

">Now why would that be? (if your impatient go strait to 0:55)

Quote: Original post by mhamlin

Quote: Original post by LessBread
The bill already has a lengthy wikipedia entry: Federal Reserve Transparency Act

I think it's likely to pass the House. Bernie Sanders introduced the Senate version. If the socialist is supporting the libertarian bill, then this bill must be pretty good. I expect it will have difficulties getting through the Senate. I also think that Glenn Beck's involvement in promoting this bill will hurt it's chances of passing.

What are the arguments against the bill?

Based on this article, Fed’s Alvarez Defends Federal Reserve’s Independence,

1. The Fed is already accountable to Congress and the public.
2. The Fed regularly publishes annual audits of it’s financial statements.
3. The Fed must act in independence from legislative pressure
4. The bill would “cast a chill” on policy talks
5. Audits may impede broader market facilities, such as discount window lending


Does the bill establish a regular audit schedule for the Fed or does it demand a one time audit?

Those points you mention are the main arguments I have heard in opposition to HR1207.
I find point #3 to be quite humorous, as monetary policy is actually the responsibility of the legislature.

Here is the text of the bill, by the way: http://www.govtrack.us/congress/billtext.xpd?bill=h111-1207

I'm not sure about regular audits but it does mandate an audit completed before December 2010.

The text of the bill doesn't answer that question, which is why I asked it. I support auditing the Fed, but I'm curious about where such an audit would lead politically. I generally disagree with anti-Fed hysteria (which is why I'm not going to waste time watching Glenn Beck on youtube, sorry Kaze). I found a lot of that hysteria googling for more information on the bill. A cottage industry has formed around anti-Fed hysteria. It seems to me that this audit would become fodder for a lot of charlatans - like Beck - to push complete falsehoods on the public and basically create a panic, especially during an election year.

Quote: Original post by LessBread

Quote: Original post by mhamlin

Quote: Original post by LessBread
The bill already has a lengthy wikipedia entry: Federal Reserve Transparency Act

I think it's likely to pass the House. Bernie Sanders introduced the Senate version. If the socialist is supporting the libertarian bill, then this bill must be pretty good. I expect it will have difficulties getting through the Senate. I also think that Glenn Beck's involvement in promoting this bill will hurt it's chances of passing.

What are the arguments against the bill?

Based on this article, Fed’s Alvarez Defends Federal Reserve’s Independence,

1. The Fed is already accountable to Congress and the public.
2. The Fed regularly publishes annual audits of it’s financial statements.
3. The Fed must act in independence from legislative pressure
4. The bill would “cast a chill” on policy talks
5. Audits may impede broader market facilities, such as discount window lending


Does the bill establish a regular audit schedule for the Fed or does it demand a one time audit?

Those points you mention are the main arguments I have heard in opposition to HR1207.
I find point #3 to be quite humorous, as monetary policy is actually the responsibility of the legislature.

Here is the text of the bill, by the way: http://www.govtrack.us/congress/billtext.xpd?bill=h111-1207

I'm not sure about regular audits but it does mandate an audit completed before December 2010.

The text of the bill doesn't answer that question, which is why I asked it. I support auditing the Fed, but I'm curious about where such an audit would lead politically. I generally disagree with anti-Fed hysteria (which is why I'm not going to waste time watching Glenn Beck on youtube, sorry Kaze). I found a lot of that hysteria googling for more information on the bill. A cottage industry has formed around anti-Fed hysteria. It seems to me that this audit would become fodder for a lot of charlatans - like Beck - to push complete falsehoods on the public and basically create a panic, especially during an election year.

In my reading the bill does answer the question--by the lack of such a clause. The bill abolishes certain restrictions on the existing audit powers. The bill includes a maximum time after the audit is completed before the audit report is made available to the legislature, and also details concerning the content of the report. It makes no mention of an audit schedule or any other section of the code.

Quote: Original post by mhamlin
In my reading the bill does answer the question--by the lack of such a clause. The bill abolishes certain restrictions on the existing audit powers. The bill includes a maximum time after the audit is completed before the audit report is made available to the legislature, and also details concerning the content of the report. It makes no mention of an audit schedule or any other section of the code.

OK. So you think the bill orders a one time audit?

On a related note...

Is Ron Paul going to call for an audit of the Pentagon next?
Is the USA ready to learn how much taxpayer money was flat out wasted in Iraq?

Quote: Original post by LessBread
OK. So you think the bill orders a one time audit?

It grants authority to audit, mandates a single audit, and sets a timeline for that audit. Once authority is granted then additional audits are at the discretion of the legislative body.

Quote:
On a related note...

Is Ron Paul going to call for an audit of the Pentagon next?
Is the USA ready to learn how much taxpayer money was flat out wasted in Iraq?

The Pentagon has been "audited" several times, although the last one I recall they stated that the Pentagon budget was too big to audit given the number of auditors they had. The Fed has never been "audited" in the manner being suggested. The legislation already exists to audit the Pentagon.


A couple of quick notes, if you want to get a decent feel for the hearing here's a quick outline that will save you a few hours.

Link to hearing

a)Watch Frank's opening, that's 6 minutes 55 seconds.

b) Grayson's line of questioning is funny and aggressive, he's not completely cogent but it's entertaining. That's 1:59:50 to 2:05:25

c) A quick breakdown of the proposed legislative changes 2:14:40 to 2:19:55

Roughly 18 minutes in total.