- The “Audit The Fed Bill” was passed in the House of Representatives with overwhelming bi-partisan support with a vote of 333-92 in September 2014.
- Senator Rand Paul’s Bill has 30 cosponsors including Ted Cruz (R- Texas), Mark Rubio (R- Florida), Senate Majority Leader Mitch McConnell (R-Kentucky), and Richard Shelby (R-Alabama).
- If passed it would likely be vetoed by President Obama who this week proposed a $4 trillion budget for fiscal year 2016.
- Since the 2008 Financial Crisis solutions of Quantitative Easing and ZIRP, the Federal Reserve’s balance sheet has expanded to over $4 trillion.
- The Federal Reserved paid an all time record high profit of $98.7 billion to the United States Treasury for fiscal year 2014.
- The first ever partial audit of the Federal Reserve in 2011 by the Government Accountability Office revealed the Federal Reserve secretly gave $16 trillion to domestic and foreign banks between December 2007-June 2010:
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
Continue reading “RAND PAUL REINTRODUCES BILL TO AUDIT THE FED”
