Thread: Audit the Fed?

http://us.mobile.reuters.com/article...0101104?ca=rdt

The above mentioned story regards the renewed push that is going to be coming from Ron Paul to audit the Federal Reserve.

Is this a partisan issue with lines drawn in the sand before I noticed it?

The article states that a push was made earlier in the year, but was repelled by the fed, which obviously means previous congressional leadership.

Ron Paul is also calling for a return of linking the dollar to gold and silver. It seems to me that this would cause some short to midterm issues, inflation, loss of competitiveness, but would be a course correction that has to happen.

Complicated issue, but without the dollar, this country has nothing.

Thoughts?

I don't have much knowledge here.... But, I think our Federal Reserve should be subject to an Audit, just like every other office that controls or receives money.

The government will not audit the FED or they may create a show for the public to believe it has been audited. Besides we are all employees of the federal reserve .By the way the Federal Reserve is not part of the governement it is owned by bankers ,it is a privately owned business.Nothing federal about the federal reserve just like Federal Express.

Hello overgeneralization.

Who appoints the chairman if the Federal reserve?

As stipulated the Banking Act of 1936, the President appoints the seven members of the Board of Governors of the Federal Reserve System; they must then be confirmed by the Senate and serve for 14 years. Once appointed, Governors may not be removed from office for their policy views. The chairman and vice-chairman are chosen by the President from among the sitting Governors for four-year terms; these appointments are also subject to Senate confirmation.[1] In practice the chairman is often re-appointed, but cannot serve longer than one 14-year term as governor (or, if appointed to fill a position whose previous occupant had not served out their term, then 14 years plus the time remaining in the previous unexpired term).
By law, the chairman reports twice a year to Congress on the Federal Reserve's monetary policy objectives. He or she also testifies before Congress on numerous other issues and meets periodically with the Secretary of the Treasury.

Chairman of the Federal Reserve - Wikipedia, the free encyclopedia

Originally Posted by king_of_hearts

Couldn't have said it better myself.

Except for the fact that it is riddled with bullshit......

So unless Federal Express has gone the way of GM, the US government has nothing to do with who runs the company. Right?