THE HILL
 

Report: Fed rejects audit by Treasury

By Michael O'Brien - 09/21/09 11:54 AM ET

The Federal Reserve will not face a voluntary audit of its practices initiated by the Obama administration to open its books, Bloomberg News reported Monday.

The Fed Board of Governors rejected an initiative by Treasury Secretary Tim Geithner to conduct a "comprehensive review" of the Federal Reserve's functions.

The Fed had come under scrutiny in the past year for its roles in facilitating the financial crisis and subsequent bailouts, with lawmakers in both parties pushing for the monetary institution to open its books for an audit.

Rep. Ron Paul (R-Texas) had sponsored a bill requiring a Fed audit, which attracted 290 cosponsors in the House. A companion bill in the Senate introduced by Sen. Bernie Sanders (I-Vt.) has 27 cosponsors.

Bloomberg reported that Fed officials had rejected the Geithner effort to voluntarily audit the institution out of a concern over its danger to the Fed's independence and traditionally low profile, Bloomberg reported.

Source:
http://thehill.com/blogs/blog-briefing-room/news/59585-report-fed-rejects-audit-by-treasury

Comments (7)

of course they reject an audit - an audit will uncover the lies perpatrated on america and this will end the fed. people are watching all the reps in congress, if the fed is not audited - it will be reflected in the upcoming next elections…BY richard on 09/21/2009 at 13:35
So does the Federal Reserve operate under the 'too big to fail' rational? They act as if they are superior to all. We need to show them they are not.END THE FED.END THE CORRUPTIONEND THE FRAUDAUDIT THE FEDERAL RESERVEH.R. 1207 S. 604BY End the Fed on 09/21/2009 at 14:19
Ponzi's calling.BY Robby Dobby on 09/21/2009 at 14:24
Wow, what a surprise, they rejected an audit. Remember that conspiratists are always attacked as loonies until eventually enough people see through the smoke screen and realize the truth behind the mask.We have been thoroughly duped, our "money" is backed by paper (whoo hoo) and if you don't believe me, take your stack of twenties into your bank and ask them to give you some value for them (redeem them for something of value) and record the look on their faces as they lie through their teeth or show you also how clueless and uninformed they are as well.Don't you know? The feds run the show along with their buddies who shall remain nameless because if I mentioned names, you wouldn't believe it anyway.BY henry on 09/21/2009 at 15:12
The Fed doesn't want an audit. Granted that the executive branch isn't the proper auditor, 75% of Americans DO want an audit, such as that set forth in HR 1207 and S 604. http://www.rasmussenreports.com/public_content/business/general_business/july_2009/75_favor_auditing_the_fedSo I guess the question remains, who is it our government represents?BY spinnikerca on 09/21/2009 at 15:22
Federal Reserve is just a bank, how can they refuse, an we know why don't we, the biggest crooks next to unions ,an people in WashingtonBY ANN on 09/21/2009 at 16:37
Come on people. When are we going to take back our country? Wait, maybe it's not our country anymore…sure looks that way.BY GINN on 09/21/2009 at 23:19

Add Comment

Name (required)

E-Mail (will not be published) (required)

Your Comments

Key Blogs

What they are saying today …
Drudge Report
Bannered across Drudge this morning is a question most of us in the Beltway have asked about the snow storm Friday: "When will it stop?" Below, Drudge links to an AP article on the recent trouble facing New York Gov. David Paterson (D), who many thought was about to be rocked by political scandal by a forthcoming story in The New York Times. That story hasn't arrived -- but speculation about its contents surely has -- leading Paterson to say he would depart office only as a result of the ballot box, or if he's carried out "in a box."… Read More »
The Huffington Post
"KEEP TRYING" -- That's the message one HuffPo writer took from the latest WaPo/ABC poll, which showed 63 percent of Americans still favored further action on healthcare reform. Additionally, Ryan Grim posts his recent interview with Sen. Carl Levin (D-Mich.), who predicted his chamber's historic filibuster could "fall of its own weight -- it should fall of its own weight -- or it will fall after some massive conflict on the floor, which has happened in the past where there have been rulings from the chair that have led to reform."… Read More »
The Corner
The Corner's Mark Krikorian points out in a recent post that the private sector -- namely, the National Review -- was able to devise how many immigrants were residing within the United States faster than the U.S. government could produce that data. And offering further proof that former Gov. Sarah Palin's (R-Alaska) crib notes have become something of a political meme is Kathryn Jean Lopez, who notices a famous country singer penning notes on his hand.… Read More »
The Washington Independent
"The story of coals dirty, deadly legacy" headlines The Washington Independent this morning. The story relates the political significance, health effects and community impacts of a fossil fuel that reporter Mike Lillis believes has White House's clear embrace.Earlier, Lillis looked at one element of Democrats' forthcoming jobs bill: A proposed unemployment insurance extension. The bill offers jobless Americans an additional three months of aid -- less than what the White House's budget requests, but on par with the House's extention, passed late last year.… Read More »
Red State
Michael Steele's remark this week -- that he has been subject to intense criticism because of his race -- has earned the scorn of Red State's Eric Erickson, who lambasts the Republican National Committee chairman in a blog post published late Tuesday. "Actually, it could have nothing to do with race and everything to do with outsourcing the RNC to the same consultants who have been bleeding the RNC dry for years," he says of Steele's low popularity. "It could have something to do with management styles. It could have everything to do with the Chairman never meeting a shoe he didn’t want to eat."… Read More »
MyDD
Jonathan Singer on Wednesday explores the current state of President Barack Obama's judicial nominations. But with the help of Slate's Doug Kendall, he finds that the president has both nominated fewer and confirmed fewer judges to federal benches than his predecessor at this point in his presidency. Concludes Singer: "But with a real crisis in the judiciary in the form of dozens of vacancies, one has to wonder why this President has nominated fewer than half of the judges nominated by his predecessor."… Read More »
Blog Summaries Archive »

Briefing Room Blog Roll

The Hill
ABC News: The Note
AMERICAblog
Barack Obama
Beat The Press
Bill Press
BuzzFlash
Capitol Briefing
Capitol Games
The Caucus (NYT)
Clive Crook
Comments From Left Field
CNN Political Ticker
The Corner (NRO)
Crooks and Liars
The Daily Beast
Daily Caller
Daily Kos
DCCC: The Stakeholder
DNC: Kicking Ass
DSCC: From The Roots
Drudge Report
Eschaton
Extreme Mortman
Ezra Klein
firedoglake
FishbowlDC
The Fix (WashPost)
The Foundry
Gkenn Greenwald
Hendrik Hertzberg
Hillary Clinton
Hot Air
Hotline on Call
Huffington Post
Human Events
Instapundit
James Fallows
John McCain
Judicial Watch: Corruption Chronicles
Kaus Files
Left Coaster
Lefty Blogs
Majority AP
Marc Ambinder
Matt Lewis
Matthew Yglesias
Megan McArdle
Michelle Malkin
Minority Report
The Moderate Voice
MSNBC First Read
MyDD
The Nation
National Review
The New Republic
NewsBusters
Newsmax
The NRCC Blog
NRSC Blog
Open Left
Page (Mark Halperin)
The Plank (TNR)
Political Animal
Political Wire
Politicker
Politico's Ben Smith
Politico's Jonathan Martin
Politico's The Crypt
Power Line
Reason
RedState
Right Wing News
RNC Blog
Ross Douthat
Rush Limbaugh
SCOTUSblog
Senate Guru
The Stump (TNR)
The Swamp (Tribune)
Swampland
Swing State Project
Talk Left
TalkingPointsMemo
TAPPED
Tech Policy Summit
techPresident
TechRepublican
The Right Angle
Think Progress
Top of the Ticket (LA Times)
Townhall
TPMCafe
TPMMuckraker
The Trail (WashPost)
Truthdig
USA Today On Politics
U.S. Chamber of Commerce Blog
VF Daily
Washington Wire (WSJ)
Weekly Standard
Wonkette
Yeas and Nays

Briefing Room Blog Topics

 Blog Summaries »   Technology »
 Day's End Round-Up »   Telecom and IT »
 Energy & Environment »   Trade and Agriculture »
 Midday Blog Roundup »  Lobbying »
 Morning Read »   Administration »
 News »   Campaigns »
  Campaigns »   Civil Rights »
   Administration »   Corporate Governance »
   Civil Rights »   Defense »
   Congressional Campaigns »   Economy & Budget »
   Corporate Governance »   Energy & Environment »
   Defense »   Foreign Policy »
   Economy & Budget »   Healthcare »
   Foreign Policy »   Homeland Security »
   Healthcare »   Immigration »
   Homeland Security »   Labor »
   Immigration »   Lobbyists »
   Labor »   Technology »
   Law and Courts »   Telecom and IT »
   Lobbyists »   Trade and Agriculture »
   Presidential Campaigns »  Other »
   Technology »   Administration »
   Telecom and IT »   Campaigns »
   Trade and Agriculture »   Civil Rights »
  Energy & Environment »   Congressional Campaigns »
  Lawmaker News »   Corporate Governance »
   Administration »   Defense »
   Campaigns »   Economy & Budget »
   Civil Rights »   Energy & Environment »
   Corporate Governance »   Foreign Policy »
   Defense »   Healthcare »
   Economy & Budget »   Homeland Security »
   Energy & Environment »   Immigration »
   Foreign Policy »   Labor »
   Healthcare »   Lobbyists »
   Homeland Security »   Presidential Campaigns »
   Immigration »   Technology »
   Labor »   Telecom and IT »
   Lobbyists »   Trade and Agriculture »
   Technology »  Oversight »
   Telecom and IT »   Administration »
   Trade and Agriculture »   Campaigns »
  Legislation »   Civil Rights »
   Administration »   Corporate Governance »
   Campaigns »   Defense »
   Civil Rights »   Economy & Budget »
   Corporate Governance »   Energy & Environment »
   Defense »   Foreign Policy »
   Economy & Budget »   Healthcare »
   Energy & Environment »   Homeland Security »
   Foreign Policy »   Immigration »
   Healthcare »   Labor »
   Homeland Security »   Lobbyists »
   Immigration »   Technology »
   Labor »   Telecom and IT »
   Lobbyists »   Trade and Agriculture »
You need Flash Player 8 (or higher) and JavaScript enabled to view this content

Get latest news from The Hill direct to your inbox, RSS reader and mobile devices.