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Originally Posted by IllTestYourGirls
18 million for unneeded project is outlandish.
How can you know what to do with the audit when nothing is known about the FED and what the audit will find?
However, the constitution already says what should be done. It is rather simple. No need to bog down the bill with details that are already law  |
The comptroller does regular audits... I wouldn't exactly call that "nothing is known".
http://www.federalreserve.gov/releases/h41/
http://www.federalreserve.gov/genera...faq/faqfrs.htm
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Are the Federal Reserve System and Reserve Banks ever audited?
The Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review. Under the Federal Banking Agency Audit Act (enacted in 1978 as Public Law 95-320), which authorizes the Comptroller General of the United States to audit the Federal Reserve System, the Government Accountability Office (GAO) has conducted numerous reviews of Federal Reserve activities. In addition, the Board's Office of Inspector General (OIG) audits and investigates Board programs and operations as well as those Board functions delegated to the Reserve Banks. Completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Board?s Annual Report (before 2002, the reviews were listed in the Board's Annual Report: Budget Review).
The Board's financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the OIG. The financial statements of the Reserve Banks are also audited annually by an independent outside auditor. In addition, the Reserve Banks are subject to annual examination by the Board. The Board's financial statements and the combined financial statements for the Reserve Banks are published in the Board's Annual Report.
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btw... I posted support on ADX for Ron Paul's bill on Feb.18, 2009 but have changed my mind about it because the purpose isn't clearly defined. The amendment should at least state a purpose and it doesn't.