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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Challo Jeregy who wrote (13281)7/25/2012 1:06:28 AM
From: John Pitera  Read Replies (1) of 33421
 
Most Friended’ Bill in Washington DC Last Week According to the National Taxpayers Union Foundation, the Bill, H.R. 459/H.R. 1496/S. 202, Federal Reserve Transparency Act of 2011, was the “Most Friended” bill of the week. Here are some details:

- Annualized Savings: $3 million ($5 million over two years)

- 274 Congressmen have co-sponsored the bill.

The Federal Reserve – the financial entity whose mission is to safeguard the nation’s money supply and monetary stability – is audited by the Government Accountability Office (GAO). However, the audits performed are limited to certain operations, such as check-processing and some regulatory functions. Examinations of the reserve holdings of member banks and the Fed’s transaction with foreign institutions are conducted but through independent studies that are not made available to the public.

Congressman Ron Paul (R-TX) and Senator Rand Paul (R-KY) introduced the Federal Reserve Transparency Act to “eliminate the current audit restrictions placed on the [GAO] and mandate a complete audit of the Federal Reserve to be completed . . .”

According to the Congressional Budget Office, the Federal Reserve Transparency Act would require the GAO to hire additional staff and cover increased administrative expenses, totaling $5 million in FY 2013 and 2014.

Cosponsors include:

- H.R. 459: 44 Democrats and 230 Republicans

- H.R. 1496: None

- S. 202: 21 Republicans

To learn more or discuss this bill visit WashingtonWatch.com

pacc-news.com
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