{"id":3599,"date":"2009-11-25T09:20:29","date_gmt":"2009-11-25T09:20:29","guid":{"rendered":"http:\/\/zmetro.com\/?p=3599"},"modified":"2009-11-25T09:20:29","modified_gmt":"2009-11-25T09:20:29","slug":"auditing_the_ce","status":"publish","type":"post","link":"https:\/\/www.zmetro.com\/?p=3599","title":{"rendered":"Auditing the central bank: a jolly good thing!"},"content":{"rendered":"<p><a href=\"http:\/\/blogs.ft.com\/maverecon\/2009\/11\/auditing-the-central-bank-a-jolly-good-thing\/\">Willem Buiter<\/a>: <\/p>\n<blockquote><p><i>What is so important about <a href=\"http:\/\/www.govtrack.us\/congress\/bill.xpd?bill=h111-1207\">H.R. 1207: the Federal Reserve Transparency Act of 2009 aka the \u2018Audit the Fed\u2019 bill<\/a>? This bill \u201cTo amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.\u201d may not sound terribly exciting, but in addition to making the Fed accountable for its quasi-fiscal activities, it could well set an important precedent for the enhanced accountability of operationally independent central banks everywhere.<br \/><Br><br \/>\nThe Finance Committee of the US House of Representatives has just passed this bill, which is an amendment sponsored by Representatives Ron Paul (Republican) and  Alan Grayson (Democrat) to Representative Barney Frank\u2019s HR 3996, the \u201cFinancial Stability Improvement Act of 2009?. The amendment allows the US Government Accountability Office to conduct a wide-ranging audit of the financial activities of the Federal Reserve Board.  Specifically (and quoting <a href=\"http:\/\/www.ronpaul.com\/on-the-issues\/audit-the-federal-reserve-hr-1207\/\">from the RonPaul.com website<\/a>):<br \/>\n<br \/><Br><br \/>\nThe Paul\/Grayson amendment:<\/i><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p><a href=\"http:\/\/blogs.ft.com\/maverecon\/2009\/11\/auditing-the-central-bank-a-jolly-good-thing\/\">Willem Buiter<\/a>: <\/p>\n<blockquote><p><i>What is so important about <a href=\"http:\/\/www.govtrack.us\/congress\/bill.xpd?bill=h111-1207\">H.R. 1207: the Federal Reserve Transparency Act of 2009 aka the \u2018Audit the Fed\u2019 bill<\/a>? This bill \u201cTo amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.\u201d may not sound terribly exciting, but in addition to making the Fed accountable for its quasi-fiscal activities, it could well set an important precedent for the enhanced accountability of operationally independent central banks everywhere.<br \/><Br><br \/>\nThe Finance Committee of the US House of Representatives has just passed this bill, which is an amendment sponsored by Representatives Ron Paul (Republican) and  Alan Grayson (Democrat) to Representative Barney Frank\u2019s HR 3996, the \u201cFinancial Stability Improvement Act of 2009?. The amendment allows the US Government Accountability Office to conduct a wide-ranging audit of the financial activities of the Federal Reserve Board.  Specifically (and quoting <a href=\"http:\/\/www.ronpaul.com\/on-the-issues\/audit-the-federal-reserve-hr-1207\/\">from the RonPaul.com website<\/a>):<br \/>\n<br \/><Br><br \/>\nThe Paul\/Grayson amendment:<\/i><\/p><\/blockquote>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,39,8,35,9,17],"tags":[],"_links":{"self":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/3599"}],"collection":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3599"}],"version-history":[{"count":0,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/3599\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}