tag:blogger.com,1999:blog-3309258472326657151.post6333091006722024953..comments2023-10-30T03:36:57.972-05:00Comments on We the People: THE FEDERAL RESERVE TRANSPARENCY ACTshakeyleghttp://www.blogger.com/profile/16896997993589489266noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3309258472326657151.post-43855219833127296312018-03-21T22:52:00.964-05:002018-03-21T22:52:00.964-05:00While I support the proposed legislation to audit ...While I support the proposed legislation to audit the Federal Reserve passed by the House committee, I submit it is not necessary.<br /> <br />The GAO has authority to review the handling of government funds by any entity. It has made at least two reviews of the FRBNY’s handling of funds [but not audits] from auctions of Treasury securities. The FRBNY has exclusive handing of such funds.... Ref. 31 CFR 375.3.... All that is required for the GAO to review the handling of government funds is a request by a Congressional committee chair.<br /><br />TreasuryDirect confirms two groups of Treasury securities that are auctioned: ...1]. for roll-over of maturing securities and ...2]. for the creation of book-entry (deficit spending) credit on the books of the FRBNY for the government to spend. Approximately $10 trillion is auctioned annually. Funds for roll-over of securities (approximately $9 trillion) are credited to a government account and disbursed to Primary Dealers (and others) who are tasked for their collection by the FRBNY as fiscal agent for the government. The remaining $1 trillion disappears.<br /><br />The purloined funds obviously did not go to the government; there is no identification of such funds in any government financial document. If the funds did go to the government, they would have to be used to buy Treasury securities since they are not used to pay expenses. If they bought securities, it would eliminate any increase in the national debt and it would also eliminate any increase in the value of fiat money created by the Federal Reserve (inflation). This obviously does not happen.<br /><br />After months of denial, this writer has concluded the only viable disbursement of the funds is to hidden owners of the Federal Reserve Board of Governors who are also undoubtedly Primary Dealers. The commingling of funds would be easy—and hidden. Since the Charter of the Federal Reserve stipulates profit of the system belongs to the government, such an act would appear to be embezzlement. Ref. http://www.ncc-1776.org/tle2018/tle959-20180204-07.html <br /><br />All audits of the Federal Reserve are conducted in accordance with guidelines established by the BOG. The relevant accounts have never been audited; they are client accounts, not operational accounts.<br /> <br />Perhaps the House Committee on Oversight and Government Reform that voted for Transparency of the Fed Act should talk with the GAO.<br /><br />olde rebnoreply@blogger.com