This audit would inevitably lead to the abolishment of it. I say skip that step and abolish it. It is an intrinsically evil self serving institution that has funded international banking cartels for a century.

A recent audit learned that the FED secretly loaned somewhere in the neighborhood of 1.3 trillion dollars to Wall Street in 2008!

I vote for complete financial transparency for all publicly traded companies as well as the FED.

I don't believe a jump to abolishing the Fed would succeed, there are too any still unsure about what the Fed is. I agree with a full audit. Expose the Fed is rotten and corrupt to the core and it will collapse under it's own weight!

An audit of the Fed would be helpful. But ultimately, the Fed should be replaced with a new Federal Banking System that's owned by the American people. In 1919, the Populist movement created the Bank of North Dakota, a publicly owned bank. North Dakota weathered the 2008 banking crisis much better than other states due to the stability provided by their state-owned bank. Besides pushing for a publicly owned Federal Banking System, we should propose publicly owned State Banks. In the early 1900's Farmers, miners, and workers understood the need for publicly owned banks as they felt robbed by the banks of their time. Today, folks who have lost their homes to foreclosure, have credit card debt and student loans would not be hard to convince... they just need some education, a little history.

I think a lot of people confuse the Fed with Alan Greenspan. It is Greenspan who extended the powers of the Fed beyond anyone before him, letting Wall Street eat at the trough until they exploded. Then he handed the whole mess to Bernanke, who is equally clueless. Ending the Fed won't solve our problems. I think auditing the Fed and making the Fed Chairman accountable to the Congress every year would do some good, only if Congress is good. (I can dream, can't I?).

I've been told Ron Paul has been working on an audit of the Federal Reserve? Hows this so if he's busy running for President? That mans a superhero if that's true!

Now you may have something in common with the Tea-Party with this idea! We would love to eliminate the Fed!

I think everyone here is really leaning to the same thing.... Transparancy...

The FED is closed... no-one really knows enough about what the FED is doing to determine whether or not to abolish it...

ajgibson91012, says "I vote for complete financial transparency for all publicly traded companies as well as the FED."

I agree w/ suggestion, break it up into 2 initiatives,

Complete financial transparency of the FED.
Complete financial transparency for all publicly traded companies.

simplicity keeps focus...

Transparency is the way to go. That way, everyone knows what is going on.

We will always need someone to print dollars because every country has to have a means of commerce (which in 196 countries is in the form of money), and every country either has a public agency or hires private publishers to print money. The Federal Reserve is an independent agency of the United States government, I do not know where other people get the idea it is a private corporation. There should be transparency of how the Federal Reserve runs and why they do what they do. We need to choose the least expensive option on how to run our currency, and since one of the most important principles of economics is that corporations exist to make a profit, the least expensive method would probably be to continue to have a public agency that publishes money, but with some massive changes to increase transparency. We already have a military-industrial complex that is rapidly expanding... do we want to do the same thing to our financial policy? I see no reason why that would work.

The Federal Reserve could be owned by the American people if the people voted (an average 30% voter turnout for congress is pretty bad) which could replace the old wealth in Congress with the People. http://federalreserve.gov/faqs/about_12591.htm so, with a sizable voter turnout they would become owned by the American people, but with our (honestly pathetic) turnout this will remain the status quo indefintely.

"Government of, by, and for the people"

https://wwws.whitehouse.gov/petitions/%21/petition/sign-executive-order-repeal-federal-reserve-act-allowing-united-states-treasury-issue-currency/dt4cf1xW


Allow the United states government to take back control it's it's own currency from a corrupt private financial institution that has caused rampant over-inflation, and enabled the corruption of the "banksters" to drive down the American economy and the government's ability to efficiently operate.

Abolish the so called "federal reserve" which is in fact NOT federal, but in actuality a private institution. Return to the Government and our Treasury the power to regulate our own Currency.

I agree totally and completely abolish the fed

Here is a delightful little film that sums it all up
Check out this video on YouTube:

Few words fear a bunch of super wealthy creator's of fraudulent wealth, than Transparency in the Fed. Bernake just crapped a milion dollar note.

http://theassailedteacher.com/2011/10/09/why-the-end-the-fed-cause-is-bad-for-occupy-wall-street/

I would like to ask all to watch the educational videos "Money as Debt". They explain the issue of fractional banking. Why it does not work and how it can only lead to ruin.
Also keep in mind when you are looking for someone or something to blame that in America the buck stops with each of us. We the people have the voice and the vote so in the end we, each of us are to blame. We allowed these things to happen with our inaction. Lets try to approach each issue and person with and open hand and mind not harsh words and anger.

@admin, they loaned that money in secret to shore up several banks and keep that information from the public. I understand why they approached it this way, but it still stinks.
They (the FOMC and Treasury) were worried that if they told the public the specific banks were in trouble that the depositors would start a run on the bank and bring it down.

This whole response to the financial crisis was out of a need to keep the current system in tact and slow down the trajectory. That being said, I am not sure I totally agree with the premise or the action, but it did slow down immeasurably the potential collapse of the global economy. We know two things from history about poor economic times.

1. It leads to social disorder and unrest
2. Can lead to large scale political changes.

If you can slow down the collapse trajectory, in theory you could advert the social unrest and political change momentum. Just look at Greece right now. Their collapse has been rapid and people are in the streets everyday. I speculate that when we hit 25% unemployment there will be many more people in the streets protesting.

Yes, I love all people....banks are not people and the FED needs to be abolished. Thomas Jefferson agrees too, calling it the one threat to our nation. This is an article from today about the latest heist illustrating the connection behind the private bank called the federal reserve and our public tax dollars being stolen http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html. All my love to humanity around the world.

BradB your list is missing something. Complete financial transparency of campaign funds. We should be allowed to see who they are getting there money from.

One point that I have not seen posted here is the possibility that auditing the Fed will most likely not prove or show any misdealing. Remember that the members of the Federal Reserve have most likely crafted all of the laws that restrict it. They work within the law that they, themselves, have written.

A scam is a scam no matter how transparent it is.

Here are the audits of the federal reserve: http://federalreserve.gov/faqs/about_12784.htm

Take your pick, you've got a bunch to choose from, they are fully disclosed.

Here's another article I found on this website that someone posted, which gives a lot of commentary from a huge variety of sources about the Fed audit:

http://pubrecord.org/nation/8622/pentagon-papers-wall-street/

--Knave Dave
http://thegreatrecession.info/blog