SB 2016-023: Federal Reserve Transparency Act (Failed)

[tmthforu94]

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Sponsor: Pingvin

72 hours for debate.

[The world will shine with light in our nightmare]

First of all, I hope the sponsor is aware that the Federal Reserve is already subject to audits on various levels.

[Pingvin]

First of all, I hope the sponsor is aware that the Federal Reserve is already subject to audits on various levels.

Yes, I'm aware that Fed is already subject to audits on a number of levels. However, at doesn't mean that it doesn't require the Congressional one.

[Blair]

Can someone explain this bill to me? Beyond hearing Ron Paul rant about it I know very little

[The world will shine with light in our nightmare]

First of all, I hope the sponsor is aware that the Federal Reserve is already subject to audits on various levels.

Yes, I'm aware that Fed is already subject to audits on a number of levels. However, at doesn't mean that it doesn't require the Congressional one.

What "Congressional" audit?  Who conducts the audit and how?  What will the audit tell us that other ones do not?  None of these things are outlined in the bill and that's why it can't even be debated.

[tmthforu94]

I will leave this open for at least another 24 hours for the sponsor to address these questions.

[Pingvin]

Well, I'm open to re-drafting the act, however, I would like to hear arguments on why Fed shouldn't be extra-audited.

[The world will shine with light in our nightmare]

Well, I'm open to re-drafting the act, however, I would like to hear arguments on why Fed shouldn't be extra-audited.

Because the Fed is already routinely audited.  The onus is on those who don't believe current protocol is sufficient.

[Prince of Salem]

As Pingvin said, the congressional audit is still important. It is the people's money, after all.

[Blair]

Interesting read here for Senators

https://www.brookings.edu/blog/ben-bernanke/2016/01/11/audit-the-fed-is-not-about-auditing-the-fed/

It sums up my own feelings- namely that this bill isn't about auditing the fed but rather having an overbearing approach to our monetary policy. As the report lays out it's better to allow long term planning rather than pandering to short term political wishes

[Blair]

I motion to table this bill

[The world will shine with light in our nightmare]

I'm going to second that motion unless the sponsor or supporters of this bill can provide a coherent argument...

[tmthforu94]

The motion requires two seconds. If another isn't received, I plan to open a final vote tomorrow on this bill.

[tmthforu94]

A final vote has begun. Senators, please vote AYE, NAY or ABSTAIN.

[Blair]

Nay

[Prince of Salem]

Aye

[The world will shine with light in our nightmare]

Nay.

[Senator Cris]

Abstain

[Blair]

This bill really sums up the worst of the Senate

[tmthforu94]

I was originally leaning towards supporting this bill, but after the lack of discussion and response to concerns that were brought up, I cannot in good conscious support this at this time.

Nay


This bill has enough votes to fail. Senators have 24 hours to change their votes.

[Pingvin]

Aye

(will possibly re-write and re-introduce later)

[tmthforu94]

The bill has failed.