2 years, 10 months ago
Who is auditing the Fed Reserve?
Alan Grayson
Alan Grayson cross examination reveals a jurisdiction intrepretation breakdown of the Inspector Generals believe that they are responsible for overseeing the programs and operations of the federal reserve.
Grayson reveals that the Inspector General
1. Has not investigated the causes of the Lehman financial failure.
2. Has not conducted a detailed investigation into the $1 trillion overspending by the fed (Over extensions of budget monies - IG responds that a high level Review is underway - The implication is the IG job is not to interfere)
* The identity of the receiptants of the $1 trillion are unknown
3. Is not conducting an investigation into the $9 trillion (off balance sheet transaction)
* Inspector General does not claim jurisdiction
* IG governs the board of governors - oversights board functions - but not jursidiction nor can they audit board activities. Grayson reads the IG act pointing out that the IG is responsiblity to audit of programs and operations of its agency and claims the NY Fed falls under that umbrella of power.
However, the NY Fed does not seem to be under the juridiction of the IG. The NY Fed seems to be autonomous and shielded from investigation.
* IG ignores the powers of audits.
* Grayson traps the IG and all she could say is, "I'll have to look at the Bloomberg article". "High level - not in a position to respond", "in the process of conducting that review". No one is keep track of the Feds losses, a private bank.
Based on this hearing, who is auditing the activities of the Fed?
Alan Grayson cross examination reveals a jurisdiction intrepretation breakdown of the Inspector Generals believe that they are responsible for overseeing the programs and operations of the federal reserve.
Grayson reveals that the Inspector General
1. Has not investigated the causes of the Lehman financial failure.
2. Has not conducted a detailed investigation into the $1 trillion overspending by the fed (Over extensions of budget monies - IG responds that a high level Review is underway - The implication is the IG job is not to interfere)
* The identity of the receiptants of the $1 trillion are unknown
3. Is not conducting an investigation into the $9 trillion (off balance sheet transaction)
* Inspector General does not claim jurisdiction
* IG governs the board of governors - oversights board functions - but not jursidiction nor can they audit board activities. Grayson reads the IG act pointing out that the IG is responsiblity to audit of programs and operations of its agency and claims the NY Fed falls under that umbrella of power.
However, the NY Fed does not seem to be under the juridiction of the IG. The NY Fed seems to be autonomous and shielded from investigation.
* IG ignores the powers of audits.
* Grayson traps the IG and all she could say is, "I'll have to look at the Bloomberg article". "High level - not in a position to respond", "in the process of conducting that review". No one is keep track of the Feds losses, a private bank.
Based on this hearing, who is auditing the activities of the Fed?
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M$1 Answer
fascinating points! I don't know, but I hope someone is. Government can be way too "heavy on management" with huge salaries and not enough line workers at the mid to entry level.
source(s):
personal experience
personal experience
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M$
Prove it
thank you for the comment! veddy interrressstttinnnggg ..... :)