djamal-soft
الجمعة، 19 سبتمبر 2014
The House of Representatives has just approved a bill that would authorize the federal government to audit the Fed. The bill may not go anywhere, but a growing number of individuals want more transparency in how the country's central bank conducts its affairs.
Federal reserve to face enormous audit
The Federal reserve, since its creation in 1913, has held sway in ways that many don't realize impact daily life. It is the country's central bank, and controls the country's cash supply, inflation rates and, through that, the expenses of lending cash. In short, how much a dollar is worth and the way expensive it is for banks to lend mortgages, installment loans and so forth, is part of what the Federal reserve controls, among other things.
A lot of legislators and citizens have asked that the Federal reserve be audited, which is why a new bill is being considered that would require the Federal reserve to open its book up to the public. It is an "independent government agency" technically meaning that it is part of the government but is a private business still.
House of Representatives decision
More government agencies may have to start showing their finances to the public soon since the House of Representatives just passed the bill 327 to 98. The bill would require the Fed to open its books specifically. The Federal reserve has been criticized by Representative Ron Paul of Texas who might have been expected to do it since he has not supported the law for some time now.
The agency already has an internal audit performed every year, according to CNN. One of the most recent was by Deloitte and Touche, one of the "Big Four" auditing firms. The agency also publishes its balance sheet online every week. However, the point is more to get immediate access to Federal reserve policy decisions, specifically financial policy decisions. Records of those meetings, where the agency decides the inflation rate for American currency, take a bit longer to come out. It takes three weeks for meeting minutes to be released. The transcripts take five years.
Federal reserve chairman Ben Bernanke not okay with it
Congress might end up controlling the Fed if the new Audit the Fed law is approved; Federal reserve Chairman Ben Bernanke is worried about, according to Bloomberg. This may trigger a ton of corruption and manipulation of the Fed, which is a massive concern for Bernanke. He has no issue with more transparency in finances though.
The bill is not likely to pass in the U.S. Senate. Bloomberg quoted Representative Barney Frank as saying "no one here expects it to become law."
Federal reserve to face enormous audit
The Federal reserve, since its creation in 1913, has held sway in ways that many don't realize impact daily life. It is the country's central bank, and controls the country's cash supply, inflation rates and, through that, the expenses of lending cash. In short, how much a dollar is worth and the way expensive it is for banks to lend mortgages, installment loans and so forth, is part of what the Federal reserve controls, among other things.
A lot of legislators and citizens have asked that the Federal reserve be audited, which is why a new bill is being considered that would require the Federal reserve to open its book up to the public. It is an "independent government agency" technically meaning that it is part of the government but is a private business still.
House of Representatives decision
More government agencies may have to start showing their finances to the public soon since the House of Representatives just passed the bill 327 to 98. The bill would require the Fed to open its books specifically. The Federal reserve has been criticized by Representative Ron Paul of Texas who might have been expected to do it since he has not supported the law for some time now.
The agency already has an internal audit performed every year, according to CNN. One of the most recent was by Deloitte and Touche, one of the "Big Four" auditing firms. The agency also publishes its balance sheet online every week. However, the point is more to get immediate access to Federal reserve policy decisions, specifically financial policy decisions. Records of those meetings, where the agency decides the inflation rate for American currency, take a bit longer to come out. It takes three weeks for meeting minutes to be released. The transcripts take five years.
Federal reserve chairman Ben Bernanke not okay with it
Congress might end up controlling the Fed if the new Audit the Fed law is approved; Federal reserve Chairman Ben Bernanke is worried about, according to Bloomberg. This may trigger a ton of corruption and manipulation of the Fed, which is a massive concern for Bernanke. He has no issue with more transparency in finances though.
The bill is not likely to pass in the U.S. Senate. Bloomberg quoted Representative Barney Frank as saying "no one here expects it to become law."
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