Did you know the GAO is FORBIDDEn by law from auditing the Federal Reserve on the following points:?

The four major areas to which GAO may not have access are:





(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;


(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations


(3) transactions made under the direction of the Federal Open Market Committee; or


(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection.





(See 31 USC 714, the section of US Code which establishes that the Federal Reserve may be audited by the General Accounting Office (GAO), but which establishes severe restrictions on just what the GAO may in fact audit)





HR 1207 would end this limit on Congress's ability to audit and let us find out where the TRILLIONS the Fed has injected into the system over the last several months have gone.





There is a companion bill in the Senate.





Will you ask your rep to support it?|||i think that anything that pertains to our money is the business of the people of this country. we pay the taxes, don't we? why should any information that is known by the federal reserve board not be accountable to the general accounting office of our government?





what's so interesting is why in heck would there be any restrictions at all on what information will remain private to the federal reserve board, a private, not governmental, agency that mandates how much money is in circulation at any time in the united states.





yes, i back that there should be no holes barred.





now i will wait to hear little clicks during my phone calls today.|||Louiegirl makes a strong point. Makes you wonder about all of it, but mainly to me the "reserves" of said banks. I fellow I know had about 20 branches and missed one day of being below his mark and he had to sell all of them. Bet that has never happened to the "big" boys.





You have to admit if the bank can lend it all out and supposedly only keep 10% in reserve for demand there's really not much room for error. But with the "strong lending practices" mandated of our banks why worry about that. Ha, ha, ha. Wonder how many that had good credit were discriminated against.