Submitted by an SOTN contributor<\/p>\n
On November 1, Sen. Rand Paul\u2019s (SC) amendment\u00a0 <\/span>\u2018Audit the Fed\u2019\u00a0 <\/span>to the Federal Reserve Transparency Act would have<\/span>\u00a0required a full audit of the Board of Governors<\/span><\/a> of the Federal Reserve System and the Federal reserve banks to be conducted by the Comptroller General of the United States.\u00a0 <\/span>The Amendment failed \u00a0 <\/span>51 \u2013 46 with 3 Republicans<\/span><\/a> Not Voting. \u00a0 <\/span>While the Fed Bank is not a public bank and yet has extensive control over the US economy, they generally operate in secret.\u00a0 \u00a0<\/span><\/span><\/p>\n Created in the wake of the 2008 financial crisis,\u00a0 <\/span>Dodd-Frank<\/span><\/a> included a one-time audit of the Fed Bank with the GAO reporting that $ 16 Trillion had been \u2018loaned\u2019\u00a0 <\/span>to domestic and international banks during the crisis with\u00a0 <\/span>JP Morgan, GoldmanSachs and Nomura<\/span><\/a> receiving $8 Trillion. \u00a0 \u00a0<\/span><\/span><\/p>\n Voting against Paul\u2019s amendment were Sens. Romney (Utah), Rounds (ND) and Ricketts (Neb.) as well as all Democrats.\u00a0 <\/span>Sens. Ricketts and twenty two Democrats (Independents) are up for re-election in 2024<\/span><\/a>. \u00a0<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-194502","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/194502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=194502"}],"version-history":[{"count":0,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/194502\/revisions"}],"wp:attachment":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=194502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=194502"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=194502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}