Peter Blane

Matt Costa

Posted in 1 by wusspett on October 21, 2009

That title is funny to me because Matt Costa wrote a song called “Sunshine“.  The reason that I think it’s funny is because Senate bill 604 is referred to as the Sunshine Act (or the Transparency Act in the House of Reps – 1207).

If you’re not familiar with Ron Paul, you may not be aware there is actually a representative in Washington D.C. not acting like a child with our money.  Ron Paul presented H.R. 1207 to Congress proposing to audit the Federal Reserve:

The crucial issue of Federal Reserve transparency requires an analysis of 31 USC 714, the section of US Code which establishes that the Federal Reserve may be audited by the Government Accountability Office (GAO), but which simultaneously severely restricts what the GAO may in fact audit.

Currently the Government Accountability Office (GAO) is supposed to do the auditing of the Federal Reserve.  The GAO has some limitations, and, thus, cannot report or keep track of any of the following:

  1. transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
  2. deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations
  3. transactions made under the direction of the Federal Open Market Committee; or
  4. a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection of US Code.

So, if this Sunshine Act were to be passed, the Federal Reserve would be audited on the above 4 points for THE FIRST TIME EVER.  Check out the below video.  The Federal Reserve can’t seem to keep track of any of our money.  If you listen, Elizabeth Coleman essentially denies her job description.  Try and make it through this 5 minute clip without getting mad.

Alan Grayson (D-FA) questions Federal Reserve Inspector General


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