Quote:
Originally Posted by aico
LMAO you're posting table from their website... no shit sherlock
Although the FED is required to give back most of its PROFITS back to the Treasury Dept., there is NO ORGANIZATION that has the power to AUDIT the FED (not even the Congress or the IRS)
Every year, a few Congressmen introduced a legislation to AUDIT the FED, and every year, the legislation is defeated.
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The statement on auditing is a blatant falsehood. The General Accounting Office has the authority via the Federal Banking Agency Audit Act of 1978 (
here is the law). They have performed over 100 audits, here are a couple for your viewing pleasure:
http://www.gao.gov/archive/1999/ai99006.pdf
http://www.gao.gov/new.items/d0219.pdf
http://www.gao.gov/archive/1996/ai96005.pdf
You can go to the GAO website yourself (
http://www.gao.gov/index.html) and run a search for federal reserve audit. You'll find a ton of results to quench your thirst.
The Federal Reserve has also been audited by major accounting firms such as Price Waterhouse. You can find those reports by running some Google searches.
Can you provide a link to the legislation that was submitted to allow audits of the Federal Reserve and was rejected?