Question: auditing the fed

Audit the Fed

Whereas:Congress, the Federal Reserve, and the U.S. Treasury have put the American taxpayer on the hook for over $16 trillion in bailouts and loans; and

Whereas: The Federal Reserve continues to refuse to fully disclose the details of its emergency lending; and

Whereas: Allowing the Fed to operate our nation's monetary system in almost complete secrecy leads to abuse, inflation, and a lower quality of life for every American; and

Whereas: HR 459 and S 202, the Federal Reserve Transparency Act, would require a complete audit of the Fed for the first time in its history and would provide answers to the American people about how our money is being spent;

Therefore: It's time to hold the Federal Reserve accountable to Congress and the American People. I urge you to do everything in your power to pass the Audit the Fed bill!
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The Fed Audit, Senator Bernie Sanders - July 21, 2011

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

There is an annual audit called the CAFR report.

http://cafr1.com/STATES/FEDERAL-RESERVE/FederalReserve2009.pdf

I think this audit argument is a red herring.

Do you think an audit by the statist GAO would be more truthful or accurate than the CAFR report above?

And while an audit is being prepared and analyzed another trillion of debt will be created.

It's all a charade. Just start the process to End the Fed and return to sound money.

guess what will be found upon an audit, but the partial audit that was done a few years ago (Paul's original audit the frb bill that was watered down in the senate by the salamander Sanders) and it shed light on $16 trillion in loans to banks (1/3 going to foreign banks.)