July 27, 2012
The House of Representatives overwhelmingly passed a bill (327-98) this week to audit the Federal Reserve but the Democrat-controlled Senate is not expected to take up a similar measure there, even though Senate Majority Leader Harry Reid (D-Nev.) strongly favored auditing the Federal Reserve System several years ago.
On January 25, 1995, Reid argued in favor of an amendment by then Senator Byron Dorgan (D-N.D.) that would require the Federal Reserve to a prepare a report to Congress and disclose the financial impact of changing interest rates on the public and private sector.
“I have sponsored legislation that would call for an audit of the Federal Reserve System. I offer that amendment every year. Every year the legislation gets nowhere. I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve,” Reid said.
He continued, “It’s taxpayer’s money that’s being used there but we don’t do that. Senator Dorgan has spoke out on the secrecy of the Federal Reserve System. He’s spoken out on the Federal Reserve more than anyone that I know in either body.”
This article was posted: Friday, July 27, 2012 at 2:20 am