(ht Zero Hedge and Washington’s Blog) In an interview with Wall St. Cheat Sheet‘s Damien Hoffman, Congressman Alan Grayson offers such stunning information as:

Just a few weeks ago, while Chairman Bernanke was testifying to Congress, we examined the Fed balance sheet and P&L statement only to find what looked like the Fed handing over half a trillion dollars to foreigners. This was very surprising! When I asked Chairman Bernanke if this was true, he said, “Yes.” When I asked him who got the money, he said, “Fourteen foreign Central Banks.” And when I asked to who did they give the money, he said, “I don’t know.” “I don’t know” is not good enough when you’re talking about $500 billion. That’s $1700 for every man, woman, and child in this country…In the case of another $230 billion, it has been tracked as a secret bailout to Citicorp in the US. The fact is the Federal Reserve continuously puts all of us on the hook for decisions they make to play favorites with private interests to the tune of trillions of dollars…

HR 1207 passage is now guaranteed in the House because there are plenty of co-sponsors. But, there are only 25 senators co-sponsoring the senate’s version (Bernie Sander’s bill) of the Audit the FED bill.  If they are not on the list, please ask your senators why they are not supporting the bill. Remember… if your senator responds something like: “It’s important to maintain Federal Reserve Independence…”   Tell them, the FED must answer to SOMEBODY.  Congress authorized the FED- Congress should do its job and oversee the FED – and not let the banks do it for them.  These crooks need to go to jail…

More on this topic (What's this?)
Anticipating The Rate Hike
Rising Interst Rates Historically A Positive For Equity Returns
You can't really see it on this chart so you'll have to trust me
Read more on Federal Reserve at Wikinvest

Rep. Alan Grayson asked House Dems to co-sponsor the Federal Reserve Transparency Act (HR1207). The bill calls for the GAO to audit the Federal Reserve. Ron Paul was the original author.   Zero Hedge has the link where readers can lend their support to this bill. Yves Smith has a more complete post about this effort:

It’s been obvious to anyone who bothered paying attention that the Fed is increasingly acting as an extension of the Administration, without the oversight and disclosure to which the Executive Branch is subject. For instance, only the Federal Reserve Board of Governors appears to be obligated to honor to Freedom of Information Act requests (the Board of Governors has a FOIA office). The New York Fed, which is the where the alphabet of new programs is domiciled, argues that it is a private organization and has made only limited. voluntary disclosures.

It truly is time to limit the FED. Go to the link and support the bill!  Also, be aware that the fight is just beginning in the Senate, where true persuasion will need to be accomplished (later)…only one senator is sponsoring the effort…Swamp Report suspects that the FED and it’s minions, like Goldman Sacks, Rapes and Pillages, have substantially more control over the Senate than they do of the House.

More on this topic (What's this?)
Anticipating The Rate Hike
Rising Interst Rates Historically A Positive For Equity Returns
You can't really see it on this chart so you'll have to trust me
Read more on Federal Reserve at Wikinvest