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Who wants to audit the FED?

Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, told a Massachusetts audience at a recent town hall that the House will pass legislation this fall mandating a "complete audit" of the Federal Reserve.

The bill to audit the Fed, H.R. 1207, was introduced by libertarian Fed critic Rep. Ron Paul (R-Texas) and is backed by well over a majority of the House. Frank's comment suggests it won't just be left to languish in committee.

"I want to restrict the power of the Fed in a number of ways," said Frank in response to a question about the bill.

They have had since 1932... the right to intervene in the economy almost whenever they" wanted to, Frank said, noting that the Fed relied on its extraordinary lending power to forward billions to financial institutions last fall. He intends to curtail that lending power, he said.

Answer Question

Asked by sweet-a-kins at 5:08 PM on Aug. 28, 2009 in Politics & Current Events

Level 34 (67,502 Credits)
Answers (7)


    Answer by sweet-a-kins at 5:09 PM on Aug. 28, 2009

  • About time! Yay Ron Paul! Thanks Bawney Fwank for agreeing with Paul!

    Answer by Anonymous at 5:16 PM on Aug. 28, 2009

  • Not just audit it, ELIMINATE it and go back to gold standard.

    Answer by Carpy at 5:16 PM on Aug. 28, 2009

  • Color me shocked, I agree with Barney Frank!

    Answer by Anonymous at 5:28 PM on Aug. 28, 2009

  • Me! Me! Me!

    Yeah, Carpy, can you imagine !!? The gold standard again, wow, Prosperity City !

    And you know, it would likely also eliminate a lot of the crazy speculation and exponential profits which result from our present "computer-standard".

    Answer by waldorfmom at 5:57 PM on Aug. 28, 2009

  • Proof that our situation is so much bigger than the President

    Answer by itsmesteph11 at 7:09 PM on Aug. 28, 2009

  • All the politicians in D.C. need to be audited and the FED, too!

    Answer by agentwanda at 3:07 AM on Aug. 29, 2009

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