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Alan Grayson Discloses That Dodd Bill Covertly Eliminates Already Passed Legislation Requiring Full Fed Audit

Thanks to my old friend 'the stranger' from Bull! Not bull (the strangerr here on the DP) for passing this along, via Zero Hedge.:

Once again we get confirmation that Chris Dodd is nothing but a paid manservant for his Federal Reserve masters, in addition to being a lame duck, whose last days in office are meant to do everything to allow the old-school Wall Street ways of endless secrecy and Fed bailouts to continue in perpetuity. As Ryan Grim points out "Alan Grayson and co-author Rep. Ron Paul passed legislation through the House that would allow the Government Accountability Office (GAO) to audit the Federal Reserve and, after a delay, release the information to Congress. It was a remarkable victory, with a populist coalition beating back the combined lobbying efforts of the Treasury Department, the Fed and Wall Street banks.  The Senate has been more hostile territory for the Fed audit provision. Banking Committee Chairman Chris Dodd (D-Conn.) opposes the Grayson-Paul version, but allowed a much more restrictive audit proposal from Sen. Jeff Merkley (D-Oregon) into his bill." Why and how Dodd believes he can stand against this critical issue, that over 80% of America supports by demanding Fed transparency, is beyond any rational attempts at explanation. How he hopes to get away with it is even more mindboggling.

From the Huffington Post:

The Wall Street reform bill headed for a test vote on the Senate floor Monday night will allow the Federal Reserve to continue to pump trillions of dollars into major banks largely in secrecy, the co-author of House language that would open the central bank to an audit charged in a memo to the Senate.

"The Senate has a provision in its reform bill that purports to audit the Fed. But, it really doesn't do anything of the sort. I'm going to run down the details for you, and reprint the legislative language so you can read it yourself," writes Rep. Alan Grayson (D-Fla.).

Grayson's summary of the bill's shortcomings, presented below, indicate that the "Seante bill would allow an audit of the TALF program and slightly expands authority to audit emergency lending conducted under section 13(3) of the Federal Reserve Act, but restricts it to very specific purposes. Meanwhile, it would not allow the GAO to look into the Fed's massive purchase of toxic assets, its hundreds of billions in foreign currency swaps with other central banks or its open market operations, among other restrictions."

Jeff Merkley, whose language was used instead of the passed Grayson-Paul version, has this to say:

 "I appreciate Representative Grayson's concerns over accountability at the Federal Reserve. I have been a strong proponent of Fed reform and voted against the re-confirmation of Ben Bernanke because the Fed has been so lax in using its regulatory powers. Moreover, I felt strongly that we need to act now to empower the GAO to audit the extraordinary emergency programs created by the Fed and I succeeded in getting that power into the Senate bill. Rep. Grayson points out, fairly in my mind, that we need to go even further to audit the Fed's standing programs. I agree. While we need to protect the Fed's independence to implement monetary policy, I think the structure and use of their standard programs should be transparent."

There can be no compromise on this issue. Congress and America have spoken. If Dodd believes he can usurp the democratic process in this most critical of issues, which allows the entity in charge of money printing with practically the same liberties as it had when it bailed out in full secrecy every bank in the US and threw countless generations of working-class Americans in a debt-induced coma, it is one thing. If he manages to get away with, it either shows that the degree of apathy demonstrated by US citizens is indicative that nothing can save this country, or that any pretense of democracy in America has been trampled in our accelerating conversion to an autocratic state. 

Grayson's memo which confirms just how useless Dodd's "Fed audit" provisions are:

Continue at Zero Hedge.:



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Adams called it!

”But a Constitution of Government once changed from Freedom, can never be restored. Liberty, once lost, is lost forever.”
~John Adams (Letter to Abigail Adams July 17th, 1775)

Grayson is a Neocon

Dont trust him!

have written to my senators...ron has expressed doubts...that

the full audit would happen..seen this in two live chats ..so be it...

I sent the following letter

I sent the following letter to my two Senators from Florida. Hopefully they will step up to the plate and seek real reform that will include S604.

Dear Senator Bill Nelson,

I urge you to stand up for the American people and true financial reform by working for a stand alone, up or down vote on Audit the Fed, S. 604, or, at a minimum, include S604 transparency language in the final bill.

You have indicated in the past that you are concerned about the lack of transparency of the Federal Reserve.

As you know, as long as the dollar is the world's reserve currency those holding the purse strings have the power. It is imperative that full transparency of the Federal Reserve be included in the bill otherwise financial reform is meaningless. The Federal Reserve has the power of a global shadow government. The tentacles of the Federal Reserve reaches around the world and can manipulate world banks and foreign governments at will. The US taxpayer is on the hook for a large part of the money printed out of thin air by the Federal Reserve and distributed around the world. As most of us know, every time the Fed prints a dollar the value of the dollar we have in our pockets and savings accounts, is reduced. In general, our standard of living decreases with every dollar printed by the Federal Reserve (folks on a fixed income, as well as the tax payers, have a dog in this fight). The American tax payer is subsidizing global entities, including foreign banks and foreign governments (the bailout of AIG is one good example). We must stop the finance reform bill in its current form from becoming the law of the land.

We urge you to oppose Chris Dodd’s financial reform legislation on all votes, including Monday’s cloture vote.

In Liberty for our Constitutional Republic,

Charles Wilson

This just figures...

In fact, the FED is going to be given MORE power with the "Consumer Protection" provision in the new bill.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

Dodd tries to seal Mister Magoo defense

As the head of the Senate Banking Committee during the biggest banking meltdown in over 70 years Dodd has to maintain his cover story, i.e. his total obliviousness.

Bump for action. You may use my copy, if so desired:

Dear Sir or Madam:

Stand up for the American people and true financial reform by working for a standalone, up or down vote on Audit the Fed, S. 604.

We expect you to stop rewarding the federal government for its own failures by opposing Chris Dodd’s financial reform legislation on all votes, including Monday’s cloture vote.

We will be holding you accountable for your actions.

In Liberty for our Constitutional Republic,

Thanks. I will send this to

Thanks. I will send this to my two Senators from Florida.

Thanks Michael for posting

Thanks Michael for posting this. As long as the dollar is the world's reserve currency those holding the purse strings have the power. It is imperative that full transparency of the Federal Reserve be included in the bill otherwise financial reform is meaningless. The Federal Reserve has the power of a global shadow government. The tentacles of the Federal Reserve reaches around the world and can manipulate world banks and foreign governments at will. The US taxpayer is on the hook for a large part of the money printed out of thin air by the Federal Reserve and distributed around the world. As most of us know, every time the Fed prints a dollar the value of the dollar we have in our pockets, savings accounts, and under our mattresses, is reduced. In general, our standard of living decreases with every dollar printed by the Federal Reserve. We must find a way to stop this bill in its current form from becoming the law of the land.

Michael it was already posted on the 23th

I posted this article here -
http://www.dailypaul.com/node/132614

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

Chris dodd is a good old boy

Chris dodd is a good old boy

At first I thought you wrote,

At first I thought you wrote, "Chris Dodd is a good old dog". Guess that'd be more accurate.

Uncle Ben Testimony: "You can see any transaction or loan...

Bunning might help audit the Fed.

Bernanke Testimony to Dr Paul, April 15, 2010


5:23 Dr Paul: "We can't even audit you to find out what you do. So you can do anything you want. And you can create as much money as you want."

Audience laughs at just how silly our banking system is.

5:30 Uncle Ben:"You can see any transaction or loan we make..." "We would be happy to provide that information to you."

OK Ben. We have been asking to see your records from the Federal Reserve beginning in 1913 to present. Please send 'all transactions and loans' you made from 1913 to present, un-redacted to Dr. Paul, ASAP.

http://www.dailypaul.com/node/131836 (Points to Video of Congressional Testimony).

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Ron Paul had said

they were pushing for the audit provision Mel Watt tried to put in in the House committee, the one that actually would further LIMIT how much the Fed could be audited.

Integrity means having to say things that people don't want to hear & especially to say things that the regime doesnt want to hear -RonPaul

Jim Bunning??

Do you guys think we can get Jim Bunning to stop this and fight for the original audit? Although he isn't a cosponsor of S 604, he says he supports it, and has always been Bernanke's biggest critic in the Senate. What do you guys think?

Hmm

seems like a good idea given the situation. We were so loud on this issue a few months ago...can we make enough racket one more time!?

Time for some action.

Suggestions?

Ron Paul "Sign Wave Across the USA" -- November 5th!