The Federal Reserve retains the power of consent under Ron Pauls Bill. "Only if the appropriate agency gives consent in writing can any onsite audit be carried out."


Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing.


If the Federal Reserve Bank is allowed to retain the power of consent regarding which banks or bank holding companies that the Comptroller General is able to audit, then this whole paragraph is completely worthless. And the 4 subsections that are being cut out of this portion of this “Audit” bill might as well stay in the bill, for the Federal Reserve retains the power after amendment to simply say no!

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