Summary

1/3/2013--Introduced. Federal Reserve Transparency Act of 2013 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of... Read More

Status

This bill was introduced in a previous session of Congress and was passed by the House on Sep 17, 2014 but was never passed by the Senate.

Date Introduced
Jan 3, 2013

Co-Sponsors

r-208
d-19

Bill Text

A BILL

To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Federal Reserve Transparency Act of 2013''.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) In General.--Notwithstanding section 714 of title 31, United States Code, or any other provision of law, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 shall be completed within 12 months after the date of the enactment of this Act. (b) Report.-- (1) In general.--A report on the audit required under subsection (a) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests the report. (2) Contents.--The report under paragraph (1) shall include a detailed description...

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Sentiment Map

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Nation

753 Supporting
20 Opposing
97% 3%

State: CA

45 Supporting
1 Opposing
98% 2%

District: 1st

0 Supporting
0 Opposing
0% 0%

Popularity Trend

Organizations Supporting

An Audit of the Fed would show good and bad policies that affect every American. The decision to bail out the banks and Wall Street was a bad decision, stagnating income or reducing income for 90% of Americans, while allowing ONLY 10% of the population to have an extreme increase income by 10%. Good Policy: Recently the Fed has said they will not increase interest rates, mainly to protect the 90% of Americans, even though the top 10% have figured how to make extreme money and remove Glass Siegel regulations . Bad Policy Doing nothing is not a solution to American’s economic problems, and implementing policies that create Austerity on the States is just wrong. Solutions: 1. The Federal Reserve is independent from congressional approval and reports to Wall Street, not the people. The Fed bailed out the banks, now time to bail out the 90% of Americans left behind! The Federal Reserve has the power to step in immediately and issue checks to people, just like it did on the banks. 2. Public banking and removal of tax payers money from the “Big Banks”. Auditing the Fed is a good start, getting the Fed to set their policies to reflect and protect the people from Big Banks and Wall Street is even better. Or it this can’t be done then the people will need to shut down the Fed. 9-2-14: Is it Time to Rain Money on the people, on Main Street? http://www.nationofchange.org/even-council-foreign-relations-saying-it-time-rain-money-main-street-1409641381 9-16-14: Poverty dropped but household incomes didn’t rise, Census Bureau. Danziger said the economic growth is disproportionately benefiting households at the top of the income ladder, a pattern that has been maintained for more than a decade. http://www.washingtonpost.com/local/poverty-drops-household-incomes-dont-rise/2014/09/16/23519484-3db3-11e4-b03f-de718edeb92f_story.html 9-3-14: Federal Reserve Blames Stagnant Economy on Money “Hoarding” Banks have put away close to $2.8 trillion in reserves, and households are sitting on $2.15 trillion in savings—about a 50 percent increase over the past five years. http://lastresistance.com/7137/federal-reserve-blames-stagnant-economy-money-hoarding/ 9-12-14: Wall Street Is Coming to Fleece Your Town The Fed's bizarre new rules transfer power from the public sector, once again. http://www.alternet.org/economy/wall-street-coming-fleece-your-town?akid=12242.277680.S3oSWg&rd=1&src=newsletter1019280&t=17&paging=off¤t_page=1#bookmark 9-3-14: The Fed Just Imposed Financial Austerity on the States http://wallstreetonparade.com/2014/09/the-fed-just-imposed-financial-austerity-on-the-states/

Kick Butt Liberals 8 months ago

A bipartisan majority of the House of Representatives supports a bill calling for an audit of the Federal Reserve. On Wednesday, May 7, Ron Paul’s Campaign for Liberty announced that the “Audit the Fed” bill originally proposed by the former congressman and recently reintroduced by Representative Paul Broun (R-Ga.) now enjoys the bipartisan support of a majority of the House of Representatives. “I am pleased to see such wide support for Audit the Fed, and I hope the House moves quickly to pass this important piece of legislation,” said Paul, the Campaign for Liberty chairman. Citing a Rasmussen poll conducted in November 2013, Campaign for Liberty reports that not only does the “Audit the Fed” measure have broad support in Congress, but “74 percent of the American people want to audit the Federal Reserve. This latest poll is consistent with previous polling showing a vast majority of Americans desire greater Federal Reserve transparency.” The Campaign for Liberty statement provided a little legislative history of the effort to expose the Fed’s procedures: Ron Paul’s “Audit the Fed” bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98, after a nationwide grassroots mobilization effort led by Campaign for Liberty. The legislation calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.” In February 2013, Ron Paul’s son, Senator Rand Paul (R-Ky.), offered the Federal Reserve Transparency Act of 2013, also known as "Audit the Fed.” The bill would eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve. Additionally, the bill would give Congress oversight of the Fed's credit facilities, securities purchases, and quantitative easing activities. "The Fed's operations under a cloak of secrecy have gone on too long and the American people have a right to know what the Federal Reserve is doing with our nation's money supply," Paul said in a statement. "Audit the Fed has significant bipartisan support in Congress and across the country and the time to act on this is now.” http://www.jbs.org/news/bipartisan-majority-of-house-supports-audit-the-fed-bill

The John Birch Society 8 months ago

JULY 24, 2014 - Today, the House Oversight and Government Reform Committee passed Audit the Fed [H.R. 24], legislation that would require a full audit of the Federal Reserve, by voice vote. Campaign for Liberty Chairman Ron Paul released the following statement following the vote: “I’m pleased to see the House OGR Committee act on this crucial and popular legislation,” said Campaign for Liberty Chairman Ron Paul. “With nearly 75 percent of the American people supporting Federal Reserve transparency, I urge House leadership to swiftly bring Audit the Fed to the House floor for a vote before August recess.” About Audit the Fed Ron Paul’s “Audit the Fed” bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98 after a nationwide grassroots mobilization effort led by Campaign for Liberty. The legislation calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.” Last Congress, Senator Rand Paul (R-KY) introduced companion legislation, S.202, which gained 37 cosponsors. Senate Majority Leader Harry Reid refused to allow Audit the Fed to be brought to the floor for a vote despite repeatedly calling for an audit of the Federal Reserve throughout his career. Congressman Paul Broun (R-GA) reintroduced Dr. Paul’s Audit the Fed bill in January of 2013 as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress. The bill currently has 224 cosponsors. Senator Rand Paul has again introduced companion legislation, S. 209, which currently has 30 cosponsors. http://www.campaignforliberty.org/resources/audit-the-fed/audit-fed-passes-house-oversight-government-reform-committee/

Campaign For Liberty 10 months ago

On the very first day of the 113th Congress, legislation for a complete audit of the Federal Reserve System was introduced. This legislation will bring transparency to the central bank's covert operations. After passing the House of Representatives in 2012 with bipartisan support, the original Audit the Fed bill was dead-on-arrival in the Senate thanks to Harry Reid and the rest of the establishment. They chose to stand with secret bailouts for the world’s most profitable companies, foreign banks, and even foreign governments instead of the people. The Federal Reserve has nothing to do with free enterprise, entrepreneurship, or fiscal prudence. Central banking is based on bureaucratic top-down control where a few privileged bankers control the market for money. And it is through the continuous printing of dollars, Washington is able to spend recklessly while racking up a massive debt and making everyday life more expensive for working Americans. After the 2008 bailout, the Federal Reserve finally became a political issue. Crony bankers and politically-favored firms had their balance sheets fixed while ordinary Americans faced higher food and energy prices. It’s time for Congress to take back its Constitutional authority and shine a light on the Fed. Let's make 2013 the year that Ben Bernanke and his friends can no longer hide! Tell your representative in the House to support the new Audit the Fed bill! https://secure.freedomworks.org/site/Advocacy?cmd=display&page=UserAction&id=669

FreedomWorks 10 months ago

Organizations Opposing

No organizations opposing yet.

Users Supporting

I support The “Audit the Fed” Bill because..... We want the people to know who really controls our country !!!!!! We the people are putting you on notice!!!!! We the people are AWARE!!!!!! We need to be concerned with returning to the CONSTITUTION!!!!!!!!!!!!!!!!! End the N.D.A.A. End the Patriot Act . Mind our own business and secure our borders by ending the stand down orders now being ordered and enforce the laws already on the books.. You will be held accountable come election time!!!!!!!!!

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OH
12
bmorris63
OH-12
8 months ago

I support The “Audit the Fed” Bill because...it's about time the public had a transparent look into they who are technically controllers of money since Congress abdicated that responsibility to them in 1913.

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MI
9
McFixit1
MI-9
8 months ago

I support The “Audit the Fed” Bill, the Fed has too much power and secrecy. The American people should determine its own outcome, not a private institution.

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ID
2
MRAD
ID-2
8 months ago

I support The “Audit the Fed” Bill because...stop politicians from ruining our economy

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FL
4
Kat32063
FL-4
8 months ago

I support The “Audit the Fed” Bill! Let's do it NOW!

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SC
2
RacingStude
SC-2
8 months ago

I support The “Audit the Fed” Bill because the US Dollar has lost fully 98% of it's value, since the signing of the Federal Reserve act in 1913. Thomas Jefferson warned us about this; "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." Had we listened to his advise, we would never have found ourselves trillions of dollars in debt, either. According to Jefferson; “To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers.” Audit the Fed and then Abolish The Fed !

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SC
3
rockyvnvmc
SC-3
8 months ago

Users Opposing

I oppose The “Audit the Fed” Bill because it is both a waste of taxpayer dollars and would damage the independence of the Federal Reserve that is critical to its effectiveness by subjecting it to political intimidation.

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AL
5
elliotdc
AL-5
8 months ago

I oppose The “Audit the Fed” Bill because it's another waste on taxpayer money.

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MI
11
JYHarris
MI-11
10 months ago

I oppose The “Audit the Fed” Bill because a full audit is done of the whole Federal reserve system every year by a certified public accounting firm.

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MO
1
akleinjw
MO-1
1 year ago

Bill Summary

<br /> 1/3/2013--Introduced.<br /> Federal Reserve Transparency Act of 2013 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions. Repeals certain limitations placed upon such audit. Instructs the Comptroller General to audit and report on the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board against supervised financial institutions. Prescribes audit contents, including: (1) the guidance given by the Board to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews, (2) the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews, and (3) the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered. <br />

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