S. 604 Federal Reserve Sunshine Act of 2009

us indentured slavery
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financial terrorist cards

We Own Hotels!

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DEFEAT! Senators Vote For Wall Street Banks

It’s now a Disclosure

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Victory! Federal Reserve Must Disclose Bank Bailout Records

The Federal Reserve Board must disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever, a federal appeals court said.

The U.S. Court of Appeals in Manhattan ruled today that the Fed must release records of the unprecedented $2 trillion U.S. loan program launched primarily after the 2008 collapse of Lehman Brothers Holdings Inc. The ruling upholds a decision of a lower-court judge, who in August ordered that the information be released.

happy dance!

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House Financial Services Committee Passes Paul-Grayson Amendment to Audit the Fed
The House Financial Services Committee voted 43-26 yesterday afternoon in favor of an amendment introduced by Reps. Ron Paul (R-TX) and Alan Grayson (D-FL) that would remove restrictions preventing the GAO from auditing the Federal Reserve. The amendment was modeled after Rep. Paul’s long-standing bill to audit the Fed, which was co-sponsored by over 300 Members in the House and supported by POGO and many other groups.

The vote on the final passage of the financial regulatory package to which the Paul-Grayson amendment is attached has been delayed until after Thanksgiving. Nonetheless, yesterday’s vote signals a defeat for Rep. Mel Watt (D-NC), who had introduced an alternative amendment that would have limited the scope of the GAO’s audits.

We will continue to monitor this important bill as it makes it way through Congress. In the meantime, however, we wanted to highlight an insightful observation made by one of our blog commenter, who points out that the GAO may not have the staffing and resources it needs to conduct these audits:
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The Secretive Federal Reserve System Sued: Freedom of Information Act Doesn’t Apply to Non Governmental Organizations
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Kaptur – Geithner 1/27/10

T-Shirt I Bailed Out US Banks And All I Got Was This Toxic Waste

END THE FED


Hearing for 1207 – House Financial Services Committee  Hearing on Regulatory Overhaul C-SPAN

How It Works
The DC BANK has a BOG appointed by the POTUS, confirmed by the Senate.
The DC BOG has 7 members (only 5 have been appointed)
There are 14 year terms staggered to expire every 2 years.

Each other bank has a BOD with 9 members.
3 selected by the BOG in DC
3 selected by the banks
3 selected by banking commerce
The president of the BOD is selected by the members and approved by the BOG in DC.

Nice little clubs they got going there, eh?
couple of question…

1. Where is the consumer protection selection?

2. Current Secretary of the Treasury Geithner was President of the NY Federal Reserve Bank how did he get away without paying taxes for years?

3. Important and awesome responsibility, shouldn’t the IRS audit all members thoroughly at least every other year?

4. Each member is given a 14 year term, which are staggered every two years, why haven’t the other two seats been filled? That’s at least 4 years without a full BOG?

5. How much dose each BOG and BOD member make?

6. Is the FED private or public? …after the watching the hearing it’s actually hard to tell.

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Finally HR 1207 – on it’s way

Finger’s Crossed – Next Stop the Floor, Then the Senate – Keep the Bills in Tact!
Keep Calling Congress

SenateS. 604: Federal Reserve Sunshine Act of 2009

A bill to 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. Sponsor: Sen. Bernard Sanders

Full Text

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Sister Bill House Bill HR 1207

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Get on Board and Call the Senate Now!

Congress By Zip

What Are They Afraid Of?

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want to write a letter or send an e-mail, but don’t know what to say?

Scroll down to step 3

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The Biggest Ponzi Scheme Ever

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Watch

fronline

The Warning

Breaking the Bank

Inside the Melt Down

$10 Trillion and Counting

Black Money

YOU TUBE CLOSED DOWN THE CHANNEL WITH ALL THE LINK S TO THE CONGRESSIONAL INVESTIGATION ON THE BANKS AND FEDS

However, the testimony may be found on cspan.org, though they are much longer than these clips which got to the hard questions and answers quickly.

Sad day for democracy

I will try and find the direct links to c-span and also hope that this vital information will be uploaded elsewhere. If you catch something missing on this blog let me know I will hunt for it elsewhere. Thanks

shame on you tube

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Congress Drills Ben Bernanke – Round 1

REP Issa Questions Ben Bernanke

REP Towns Questions Ben Bernanke

REP  Speier Questions Ben Bernanke

REP Kucinich Questions Ben Bernanke

REP  Chaffetz Questions Ben Bernanke

REPs Connolly & Duncan Questions Ben Bernanke

REP Kaptur Compares Federal Reserve To Counterfeiters!

REP Cummings Questions Ben Bernanke

REP Bilbray Questions Ben Bernanke

Congress Drills Ben Bernanke – Round 2

REP Burton Seems A Little Frustrated With Ben Bernanke

REP Kaptur Questions Ben Bernanke

REP Kucinich Questions Ben Bernanke

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δ

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HANK “I Don’t Recall” PAULSON – BOA/ LYNCH  Hearings

(AM session)(PM session)

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highlights…

REP Towns - Paulson TARP Hearings

REP Kucinich – Secret Mergers – Illegal Acts

REP Speier – Why Did You Force Banks To Take $15B TARP?

REP Burton – You Didn’t Want To Make Any Of This Public! Why Not?

REP Kanjorski – Explain What Meltdown Meant.

REP CummingsGoldman Awarded AIG Bailout Money, Why?

Kaptur – The Greatest Hail Mary Pass Of ALL TIME!

REP Stearns – Bait and Switch – No Credibility – Recuse

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“Just Trust US” – Federal Reserve

Rep. Ron Paul vs Fed Vice Chair

Rep. Alan Grayson vs Fed Chair

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Suggestions

More Sunshine

Truth

Audit the Fed –  STOP RULE 16

Are Democrats Ready to Fight for Consumer Protection?

Short-Term Gains Should Be Taxed at 80%

Schiff on Sachs

Tax the Speculators!

The Lobby – Huffington

Central banks seek rankings for financial products

Open Debate

Fed Under Fire

Secrets Of The Temple

Open Secrets

SIGTARP

Hymn to Wall Street

Tarp Tales

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More Fed & Crony Caca!

newne


Court Throws Out FOIA Lawsuit against Federal Reserve – $700,000,000,000 Missing

Wells Fargo increasing executives salaries

Wall Street profits from trades with Fed

Oil and Gas Companies Try to Take Capitol Hill

Lobbying Financial Success

Banking Sweetheart Deals

Q: “Which Foreigners Got the Fed’s $500,000,000,000?” Mr.Bernanke: “I Don’t Know.”

Who Is Stopping The Bill?

Federal Reserve – World’s Counterfeiter

Rep. Joe Crowley Ejects HuffPost Before Crooning To Lobbyists

Morgan Stanley, Goldman Sachs Plan To Rebrand Failure As Success

Why prosecutors won’t hit Wall Street hard in the subprime scandal.

AIG May Have Zero Value After Rescue, Citigroup Say

Goldman Trading-Code Investment Put at Risk by Theft

Goldman Sache’s Bubble Machine GOLDMAM

Washington Post sells access, $25,000+

Wall Street Compensation on Track to Soar Again

More Fed Lawlessness: AIG

SEVERELY Bearish Treasury Development

Members of U.S. House Financial Services Committee snapped up or dumped bank stocks as bottom fell out of market

How a Loophole Benefits GE in Bank Rescue

Citi raises card rates on millions

Emergency Economic Stabilization Act of 2008

H.R.1424

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And while you’re on the phone with your Representative include House Bill HR 676

and Senate Bill S. 703

Expanded and Improved Medicare for All Act – To provide for comprehensive health insurance coverage for all United States residents, and for other purposes. Sponsor: Rep. John Conyers

The Argument

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How Banks  Win

Ten Ways Banks Take Your Money

Consumers need to keep their guard up as financial institutions increasingly impose new fees and charges.

Banks and credit-card companies have gone on the offensive in advance of new consumer protections the Obama administration is asking Congress to enact. For many consumers, that could mean an unexpected financial sting.

“The fee income is becoming increasingly more important as interest income is falling as a percentage of total revenues,” says Bob Hammer, chief executive of bank-card advisory firm R.K. Hammer.

Late fees, loan-origination fees, over-the-limit and overdraft charges helped generate 53% of banking-industry income in 2008, according to R.K. Hammer, up from 35% of income in 1995. The average bounced-check fee is $28.95, up about $1 from last year, says Greg McBride, senior analyst at Bankrate.com. And it’s a charge that rises every year.

At $19 billion, credit-card penalties for late payments and over-limit charges were up 80% between 2003 and 2008.

Fees aren’t necessarily bad, consumer advocates say, as long as they are reasonable. There’s a lot more involved in a loan origination, for example, than there is in using an ATM. But Adam Levine, chairman of Credit.com, says banks are drawing wide margins around what’s considered “reasonable.”

One thing to keep in mind: It’s worth the time to ask for a pass on fees. No bank is going to advertise that it waives fees on a regular basis, but many will do so when asked.

Here are 10 fees you should keep a close eye on:


1. Checking account

This is the privilege-of-using-your-own-money charge that many banks did away with years ago. But such fees are starting to creep back into the system, experts warn. Consumers shouldn’t assume their checking accounts are fee-free or, if they are, that they will always continue to be so. Charges vary from a flat monthly fee to one that is dependent on how many transactions you have or on a minimum account balance.

“The type of checking account to now look for is one that does not have a monthly service charge, minimum balance requirement or limit on the number of transactions you can make,” says Bankrate’s Mr. McBride.

2. ATM

If you use an ATM that doesn’t belong to your bank or doesn’t have an agreement with your bank, you could get whacked twice — once by your bank and once by the bank whose ATM you’re using. Fees typically range between $2 and $4. And the bite is getting bigger.

3. Overdraft

Charges can add up when you unknowingly bounce a check or go over your account balance. Many consumers argue that banks should deny them cash at the ATM if the withdrawal is going to overdraw the account. But most banks don’t do so because allowing the transaction to go through and charging the subsequent penalty brings in money.

4. Deposit returned

If a check deposited in your account bounces, you’re charged a fee just as if you had bounced the check yourself.

5. Tellers

Banks drew fire from consumers in the 1990s when they tried charging a fee if human interaction occurred when depositing or withdrawing money. There are scattered reports of these fees popping up again, mostly for “excessive” use of tellers. Some banks give you two free teller visits per month, but charge you after that — say, $2 or $4 for each extra visit.

6. Inquiries

This is the phone version of teller fees. Make a call to ask about your account balance, a charge or to order new checks and you could get hit with a service fee ranging from 50 cents to $5.

7. Closing accounts

Many banks will charge you a fee if you close an account within 90 days — and sometimes within six months — of opening it. Bankrate has seen fees between $5 and $25.

8. Currency conversions

Fees to convert currency are on the rise — both what you’re charged when withdrawing local currency from a foreign ATM and what you pay to convert any unspent money back to dollars at your local bank.

9. Credit cards

Legislation going into effect next year will put caps on some credit-card late and over-limit fees and on how they’re charged against old and new balances. Until then, expect to see them grow. Grace periods also are expected to end or be severely restricted.

10. Annual membership

In the early days of credit cards, issuers charged consumers a yearly fee for the right to use the card. Competition drove most annual fees away, but it looks like they may make a comeback. An annual fee could cost you $29 or more.

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6 Comments

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6 responses to “S. 604 Federal Reserve Sunshine Act of 2009

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