It is time for Harry Reid to listen to the American people and hold a vote on Audit the Fed. One hundred years of failure is too long to allow the Federal Reserve to continue to operate in secret. The Federal Reserve loaned out over $16 trillion- four times the annual budget of the United States- to AAA-rated foreign central banks and private companies over just a two-and-a-half-year window. This happened in secret, without Congressional oversight, and without the consent of the American people. New Federal Reserve Chair Janet Yellen argues that auditing the Federal Reserve would violate the Fed’s “independence” and make it a “political institution.” But the Federal Reserve is anything but independent. As noted above, the Fed was created by Congress, and its Board of Governors are nominated by the President and confirmed by the Senate. Which part of that is independent?
Posted on: Tue, 21 Oct 2014 19:32:04 +0000
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