Tuesday, July 7, 2009

"The U.S. Federal Reserve, facing growing pressure as it tries to heal the ailing economy, dodged a bullet on Monday when the U.S. Senate cast aside a new effort to increase scrutiny of the central bank.

On procedural grounds, the Senate blocked a bid to permit the U.S. comptroller general, who heads the investigative arm of Congress known as the Government Accountability Office, to audit the Federal Reserve system and issue a report... Democrats who control the Senate blocked the South Carolina Republican's amendment on the grounds that it violated rules prohibiting legislation attached to spending bills." [link]

It's funny (not really) how both sides only use the rules and laws when it benefits them at that time. It also frustrates me that Congress "gave away" its Constitutional authority to coin the money, yet then has no form of oversight or monitoring in place, and for the most part does not seem to care.

Private banks must be audited per government regulations, but I keep forgetting the government bank does not have to follow the rules that everyone else does somehow they are "above the law".


Son3 said...

Well, it's like Greenspan said, the Federal Reserve is private, therefore beyond all authority of Congress.

If only, though, GM felt that way.