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Question of the Week: With the Fed’s growing influence in the private sector, do you support a congressional audit of the Federal Reserve?
Posted by Randy | July 25, 2012

Today, the House of Representatives will vote on the Federal Reserve Transparency Act (H.R. 459). The bill was introduced to address the Federal Reserve’s 2008 and 2009 bailouts, which authorized a total of $1 trillion in outstanding loans and the expansion of government involvement in the private sector, primarily to AIG and Bear Stearns.   Although the Federal Reserve has released information about the amounts borrowed by banks and companies that utilized emergency programs, Congress has not been made aware of the factors and considerations weighed by the Federal Reserve in determining how and to which institutions to lend the money.  H.R.459 does not seek to curb the Federal Reserve’s independence, but aims to allow Congress to perform its appropriate oversight duty, ensuring that credible standards guide the Federal Reserve’s decision making.  Given the significant sums of money involved, we need more transparency into where and why the money was dispersed.

I was one of only seventeen of 435 Members of Congress to oppose these bailouts because I was not confident these plans would help our economy or create jobs that need to be restored.

As one of the bipartisan cosponsors of the Federal Reserve Transparency Act, I believe in promoting transparency and holding the Federal Reserve more accountable as they spend taxpayer dollars.  

Question of the Week: With the Fed’s growing influence in the private sector, do you support a congressional audit of the Federal Reserve? 

(  ) Yes

(  ) No

(  ) I am not sure

(  ) Other, share your thoughts below.

Take the poll here.

Find the results of our last instaPoll here.

Comments
Users are solely responsible for the opinions they post here and their comments do not necessarily reflect the views of Congressman Forbes.
  • David Turner commented on 7/25/2012
    The Fed shouldn't just be audited, it should be disbanded as well. The criminal disposition of its present and former leaders can be determined at that time. The country did very well for a long time without the Fed. The Treasury did just fine keeping the economy running and the money supply adequate. It was only during the First and Current central banks that the economy really went haywire. Get rid of it and put the control over the money supply with the Treasury again and not a private bank.
  • Eugene Cron commented on 7/25/2012
    Why wasn't this oversight already done before the loans were administered and doled out. It seems this is a little to late now that we are $1 trillion dollars furhter in debt because of it...however, something is better than nothing at this point especially since it went to executive bonuses instead of bailout funds.
  • Skip Gibson commented on 7/25/2012
    No, this is simply a distraction from what Congress should be doing. The Nation is expecting you to solve the many problems facing our Country today. Find common ground, find areas of mutual agreement, and solve problems. Every member of Congress must be more interested in solving problems than getting re-elected.
  • http://thedebtsreliefreviews.com Help commented on 7/25/2012
    I think re-enact the Glass-Steagall Law so that hard earned money is kept seperate from Investment bankers and bringing back the Glass-Steagall law is a better use of Congress' time than an audit of the federal reserve...
  • Bill Outlaw commented on 7/25/2012
    Auditing the Federal Reserve is LONG overdue. Should Congress audit the Fed? I don't think Congress can be trusted with such an important task, that is if you want an honest truly factual audit.
  • Brady Lowder commented on 7/25/2012
    It is certainly a well known fact that it isn't Federal and there are no reserves. A good honest audit would be interesting. I'd rather see it abolished and the power to "coin" money returned to where it belongs which is the US Treasury. I highly recommend reading G. Edward Griffin's book "The Creature from Jekyll Island" for a good understanding of the scam and corruption surrounding the creation and operation of this banking cartel known as the Federal Reserve.
  • Jason N commented on 7/25/2012
    That's what management is all about - Accountability. Audit the Fed. Record to date - dollar lost 99% of it's value since 99 years ago beginning of fed 1913.
  • Thomas G commented on 7/25/2012
    To Brandy : I totally agree with you regarding the congressman's polls. For more that two years now every single week countless people on the blog have come forward in complaint about the wording of the poll question and the provided answers. This falls on deaf ears I'm afraid. I know the congressman is capable, at least his staff is, in drafting a legitimate question. So we know what the motivation truly is, it is partisan, it is designed to insult the intelligence of the voting public and it is designed to provide a shield the congressman can hide behind without having to take responsibility for a vote. The public knows this of course. I believe the only way this will ever change is if we pick up the phone and call the DC office every week until it gets resolved. I hope you are listening Mr. Forbes, is that what it is going to take?
  • Thomas G commented on 7/25/2012
    SHAME SHAME SHAME Congressman Forbes. How dare you post this poll question on the day of the vote and provide only minutes for the constituents to respond before the vote!!!! This is NOT the first time you have done this to us sir. I object to this kind of treatment from you and your staff and you have failed to keep us properly informed and to act in our best interest. I think you owe your constituents an apology for this treatment sir.
  • Jeff Barglof commented on 7/25/2012
    Yes on the audit, but by a independent accounting firm. Cngress is too polluted to trust whith this type of mission.
  • R. G. commented on 7/25/2012
    I support a FULL audit of the unconstitutional 'federal' reserve. The very nature of the 1913 Federal Reserve Act runs contrary to the constitution's clear guidance giving congress the power to coin money and establish weights and measures thereof. Giving this authority to a PRIVATE CARTEL of banksters was the first nail in the coffin of this once great republic. So yes, audit every stinkin' corner of that corrupt, private institution.....proceed with criminal charges accordingly....and then END THE FED. No pseudo-watered-down 'audits', no 'sealed' records or lock on public release of findings until 2025 or something.
  • Gregg J commented on 7/25/2012
    Conduct the audit if necessary. Years ago, the media reported how executives were giving themselves fat bonuses and spending money on lavish trips all on the taxpayer’s dime. No prosecutions were done at that time. I have little faith any corrective action will be done after the audit. Bottom line, conduct the audit and commit to prosecuting these corporate criminals. Failure to prosecute any misdeeds opens the door to further exploitation.
  • David Gignac commented on 7/25/2012
    I agree with Mr.Simkins about Glass- Steagall as far as it goes but I also have a problem with an independent entity (The Fed) manipulating the money supply and, therefore the value of everything, even with Congressional oversight. I can't square the circle but someway we need to get currency tied to something i.e. gold.
  • David Day commented on 7/25/2012
    I believe any agency with the word FEDERAL in its title needs to be closely scrutinized. An audit of the Federal Reserve is an appropriate step. However, I would need to know what specifically you mean by a Congressional Audit. It seems to me that Congress needs to do some housecleaning of its own. No pun intended.
  • Robert Smith commented on 7/25/2012
    It would be a waste of time/money to preform audit. We all know what happens after all your audits and congressional hearings . NOTHING !!!!!
  • Ray Ross, Jr commented on 7/26/2012
    Randy, I do not think you should be concerned about the FR's independence, after all Hamilton never wanted control of our money in the hand of European banking families. This organization has operated in the shadow far too long. Audit the hell out of them!
  • steve gritter commented on 7/26/2012
    I support an audit of the entire us govt, every branch, house, commitee etc. Also a balanced budget amendment.
  • Gregg J commented on 7/26/2012
    Conduct the audit if necessary. Years ago, the media reported how executives were giving themselves fat bonuses and spending money on lavish trips all on the taxpayer’s dime. No prosecutions were done at that time. I have little faith any corrective actions will be done after the audit. Bottom line, conduct the audit and commit to prosecuting these corporate criminals. Failure to prosecute any misdeeds opens the door to further exploitation.
  • Peter Loy commented on 7/27/2012
    You need to launch a Congressional Investigation (Audit) into Willard Romney's tax returns to see what he is hiding from the American tax payers.rylng ololopve
  • Thomas G commented on 7/27/2012
    It's pointless to respond here since the congressman put the question up either minutes before the vote or after the vote. This is not the first time this has happened. So do the voters matter? Nope
  • Patrick Hillard commented on 7/30/2012
    The Federal Reserve Board, and more specifically the Federal Open Market Committee are the only impactful government entities that are currently not under the political micromanagement of congress. Your bill, and others like it, are simply raw political plays designed to put pressure on the Fed to bend to your will. I am opposed to it, and any other bill of its kind. The Fed is not perfect, but it has remained able to execute economic policy without political influence. It needs to continue to be able to do this. Your bill is another attempt to force political will on the Fed. I only hope that people will be able to see through this. By the way, I always enjoy the way you build bias into your questions. Masterful.
  • Thomas G commented on 8/1/2012
    I absolutely do NOT want this congress particularly to get further involved in the Federal Reserve. They will screw it up beyond belief. This congress has not demonstrated any capacity to govern and in fact, congressman Forbes actually voted to shove this great country into its first ever default and under the congressman's watch we have gone from a balanced budget when he arrived to taking on 10 TRILLION dollars in new debt during this tenure.
  • Gregg J commented on 8/2/2012
    Conduct the audit if necessary. Years ago, the media reported how executives were giving themselves fat bonuses and spending money on lavish trips all on the taxpayer’s dime. No prosecutions were done at that time. I have little faith any corrective actions will be done after the audit. Bottom line, conduct the audit and commit to prosecuting these corporate criminals. Failure to prosecute any misdeeds opens the door to further exploitation. Addtionally increase taxes on the big banks until the $700B bailout is paid back to the taxpayers with interest.
  • R. G. commented on 8/3/2012
    Congressman, as you've seen with the prior 'audit' of the 'federal' reserve, once the Senate gets through with it, it will have no teeth whatsoever. In fact, there is reason to believe the measure will simply be tabled or sent to some subcommittee to get lost in the mountains of multi-thousand page 'bills' sitting in some back room. The illegitimate, unconstitutional fed is the single biggest abomination to ever spew forth from the halls of congress. Since their 'inception' in 1913, along with the oh-so-convenient simultaneous 'passage' of the 16th amendment (gotta get those muppet taxpayers on the hook for the real interest the fed will make from creating money out of thin air)....the fed has done nothing other than drain wealth from the middle class and transfer it to the PRIVATE banking cartel that makes up the fed itself. Our currency has lost over 97% of its purchasing power since the fed was given exclusive control over the nation's money supply. Coincidence? Sure, just like a throbbing thumb is only a 'coincidence' of a hammer smashing it. Americans are waking up to this ongoing crime perpetrated by the bankster class that truly holds the reigns of power in congress. Not only do I support a FULL, unlimited audit of the 'fed', I support criminal charges against all those involved who illegitimately transferred american taxpayer money to private banking institutions both here and overseas (i.e. biggest heist in history). AFTER that is done, the only sane option left is to END THE FED. Don't replace it with another like entity run by the same gaggle of corrupt insider bankster parasites. END THE FED and restore the Republic to sound money.
  • John Bakoss commented on 8/6/2012
    After failing to find Saddam's WMD in Iraq or elsewhere (as far as we have been informed), we'd have to be absolutely sure of ourselves regarding Iran before acting preemptively. It's not that I trust Iran; I don't; but we cannot afford to commit lives and money without being certain of our position. For example, I'd sure like to know from whom Iran is getting the specialize material and technology to do what's alleged of them. Same for North Korea. It may be that cutting off sources of supply is more affordable than direct strikes at this stage. Also, it is a fact that petty dictators like Saddam, this Iranian guy (don't have time to look up how to spell his name), and countless others love to create turmoil with empty bluster. Further, we should be making much better use of counter-propoganda than we have so far done.
  • Jeff Nuckolls commented on 10/8/2012
    In response to the immigration question, it is my opinion that the federal government should take affirmative steps to secure America's borders to minimize those who would illegally infiltrate our borders and ignore the sovereignty of the U.S. It is my opinion that the federal government should join with and work closely with the governments of the border states to enforce current federal law directly related to those who would illegally infiltrate our borders. The joint efforts of the jurisdictions (federal and state) might improve law enforcement efforts related to illegal crossings and might project a policy to would-be illigal infiltrators and foreign governments that illegal immigration is a priority in the U.S. among and between governments and that the government intends to enforce the laws of the U.S. that address illegal immigration. During the border securing period, the issue of the existing illegal immigrants, some 12 or 14 million, must be addressed. It is, in my opinion, implausible to round up, gather or collect 12 to 14 million people and simply imprison them to await deportation and then deport them. The federal government must come to a conclusion related to the existence of these illegal immigrants and resolve the issue by instituting a program whereby these people have the opportunity to apply for citizenship without threat of deportation and for those who would qualify under existing laws or only slightly modified laws, receive citizenship.
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