Fill me in on what this is again?
It's a bill to require a complete and actual (as opposed to a very limited and choreographed) audit of the Federal reserve.
You can see the information on it here: LINK
It's very short and to the point. Excluding the title and other fluff, the full text is:
" (a) In General- Notwithstanding section 714 of title 31, United States Code, or any other provision of law, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 shall be completed before the end of 2012.
(1) IN GENERAL- A report on the audit required under subsection (a) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.
(2) CONTENTS- The report under paragraph (1) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
(c) Repeal of Certain Limitations- Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after `in writing.'.
(d) Technical and Conforming Amendment- Section 714 of title 31, United States Code, is amended by striking subsection (f).
All of the Republican memebers of the LA delegation (this includes S202 in the senate for which Vitter is an original co-sponsor) have signed on as co-sponsors. The only excpeption is Rep. John Fleming who is standing with Mary Landrieu. His office says he has to "study it".
He co-sponsored the identical bill in the last congress when it was clear Pelosi and Barney Frank wouldn't allow it to come to a vote. Now he has been "studying" it for over a year. Either he is stupid, a liar, or incompetent, because if he has to study it now, then why did he co-sponsor the identical bill before?
It had more co-sponsors last time and many refused to vote for it as an amendment to another bill. They are trying to play their constituents and say they support it, while doing the bidding of their big wall-street contributors.
Last time around, Paul was able to get a one-time, real, but very limited partial audit done which revealed that the Fed had loaned out $16 trillion
to large banks in the U.S. and elsewhere at the very time when there was a big debate in congress about the $800 billion for tarp. And yes, that is trillion
, it is not a typo. LINK
If you really want to know why the price of things keeps going up, you have to understand what the fed is doing.
Edit: Edited 2nd link
This post was edited on 5/28 at 12:40 pm