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Federal Reserve made $14 billion on turmoil loans: report
LONDON (Reuters) - The Federal Reserve has made $14 billion in profits on loans made in the last two years, The Financial Times reported on Monday, citing officials close to the matter.
The U.S. central bank also earned about $19 billion from interest and fees charged to institutions that tapped liquidity facilities during the global financial crisis, the report said.
If the Fed had invested the same amounted loaned out in three-month Treasury bills since August 2007, it would have earned $5 billion in interest, the FT said.
Barney Frank: Bill Mandating "Complete Audit" Of The Fed Will Pass House In Fall
DOUBTFUL:
Huffington Post: Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, told a Massachusetts audience at a recent town hall that the House will pass legislation this fall mandating a "complete audit" of the Federal Reserve.
The bill to audit the Fed, H.R. 1207, was introduced by libertarian Fed critic Rep. Ron Paul (R-Texas) and is backed by well over a majority of the House. Frank's comment suggests it won't just be left to languish in committee.
SHOCKER: Federal Reserve Says Disclosing Loans Will Hurt Banks
Aug. 27 (Bloomberg) -- The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot.
The Fed’s board of governors asked Manhattan Chief U.S. District Judge Loretta Preska to delay enforcement of her Aug. 24 decision that the identities of borrowers in 11 lending programs must be made public by Aug. 31. The central bank wants Preska to stay her order until the U.S. Court of Appeals in New York can hear the case.
Five Futures for the Audit the Fed Bill
Quote of the Day: "The purpose of a government investigatory commission is to place blame where it does the least harm politically." -- Paul Craig Roberts
S. 604 to Audit the Federal Reserve up to 19 co-sponsors!
S.604, the Federal Reserve Sunshine Act (the Senate version of Ron Paul's H.R. 1207 to Audit the Federal Reserve) has 19 cosponsors! This is HUGE, and a direct result of your ongoing efforts.
Daily HR 1207 / S 604 Call-A-Thon to Audit the Fed
S 604 is HR 1207's companion bill, and currently has TWO co-sponsors. We must get this bill some support, and make sure it doesn't get watered down along the way.
Crash the Federal Reserve!
A little background:
