Participatory Spirituality for the 21st Century
The Federal Reserve Bank of New York has no oversight. That is, they can do whatever they want. The Fed in New York is out of her jurrisdiction. The unaccountable trillions of dollars are propping up the market currently via QE2 and POMO. The senator is grandstanding a bit by giving her heat but she really can't do anything about it.
Here is a humorous take on QE2.
On the issue of jurisdiction, here's a transcript from the video about that:
Elizabeth Coleman: You know, I think it may be important at this point to, just to bring up a certain aspect related to our jurisdiction and just to clarify perhaps some of my earlier comments. We are the Inspector General for the Board of Governors and we have direct oversight over Board programs and operations and we’re also able to look at Board-delegated functions to the Reserve Banks, as well as the Board’s oversight and supervision of the Reserve Bank. We do not have jurisdiction to directly go out and audit Reserve Bank activities specifically. Nevertheless, in our lending facilities projects, for example, we are looking at the Board’s oversight over the program and to the extent that it extends out to the Federal Reserve Bank of New York.
Alan Grayson: Well, I have a copy of the Inspector General Act here in front of me and it says among other things that it's your responsibility to conduct and supervise audits and investigations relating to the programs and operations of your agency.
Elizabeth Coleman: That’s correct.
Alan Grayson: So I’m asking you if your agency has in fact, according to Bloomberg, extended $9 trillion in credit, which by the way works out to $30,000 for every single man, women and child in this country. I’d like to know, if you’re not responsible for investigating that, who is?
Elizabeth Coleman: We, actually… we have responsibility for the Federal Reserve’s programs and operations, to conduct audits and investigations in that area. In terms of who is responsible for investigating… would you mind repeating the question one more time?
Yeah she has more auditng power over the other Fed banks. There is alot that goes on within the Fed Bank of New York that no one has access too. Most of the "limited and do not cover" below goes on there.
Accountability: The Federal Reserve System and the individual banks undergo regular audits by the GAO and an outside auditor. GAO audits are limited and do not cover "most of the Fed’s monetary policy actions or decisions, including discount window lending (direct loans to financial institutions), open-market operations and any other transactions made under the direction of the Federal Open Market Committee" ...[nor may the GAO audit] "dealings with foreign governments and other central banks." Various statutory changes, including the Federal Reserve Transparency Act, have been proposed to broaden the scope of the audits. Bloomberg L.P. News brought a lawsuit against the Board of Governors of the Federal Reserve System to force the Board to reveal the identities of firms for which it has provided guarantees. Bloomberg, L.P. won at the trial court level, and as of early September 2010 the case is on appeal at the United States Court of Appeals for the Second Circuit.