Audit The Fed: HR 1207 & The Financial Sector Assessment Program (FSAP) – Part I

All references mentioned in the video are sourced here below:

First: A MUST READ Article (for the ‘Audit the Fed’ crowd):
West Wing: The Shrinking Influence of the US Federal Reserve …
Jun 26, 2008 … that a so-called Financial Sector Assessment Program (FSAP) is to be carried out … The review can begin in Bush’s last year in office, …,1518,562291,00.html

Additional Sources:
Greenspan Examines Federal Reserve, Mortgage Crunch
Originally Aired: September 18, 2007:
JIM LEHRER: What is the proper relationship, what should be the proper relationship between a chairman of the Fed and a president of the United States ?
ALAN GREENSPAN: Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that…what the relationships are don’t, frankly, matter.

Statement by Secretary Tim Geithner at International Monetary and Financial Committee (IMFC) Meeting
April 25, 2009
The United States is undergoing an IMF Financial Sector Assessment Program, reflecting our commitment to accept the obligations and responsibilities of being an IMF member.

Secrets of the temple: how the Federal Reserve runs the country
by William Greider – 1989 – Business & Economics – 798 pages
If creation of the Fed was intended to break the “money trust,” then why did the new institution collaborate so closely with it? (pg. 747, citing Gabriel Kolko’s “The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916, MacMillan, 1963)

Testimony of Treasury Secretary Henry M. Paulson, Jr. before the House Financial Services Committee
June 20, 2007
A major step forward occurred in March 2004, when IMF and World Bank Executive Boards agreed to make countries’ compliance with the FATF 40 + 9 recommendations, the anti-money laundering and terrorist financing standard, a regular part of their financial sector surveillance and diagnostic work, including in the Financial Sector Assessment Program.

Daily Kos: IMF Investigates US Financial System First Time In History
The real news is Bush put it off for seven years while he and his cronies looted the US . From the IMF’s site: Financial Sector Assessment Program (FSAP) …

The G-20 Financial Summit: A New Day for Global Governance …
Nov 17, 2008 … commit to undertake a Financial Sector Assessment Program (FSAP) report. … President Bush, before saying good-bye to the international …

Capital Market and Financial Sector Development in Sub-Saharan Africa
producing nations, and participants of President Bush’s Emergency Plan for …. Support expansion of the IMF/IBRD Financial Sector Assessment Program. …

Future News Today: Has the US become a 3rd World Country?
… of Directors has ruled that a Financial Sector Assessment Program (FSAP) is … For seven years, US President George W. Bush refused to allow the IMF to …

Financial Sector Assessment Program
An IEG Evaluation
The Financial Sector Assessment Program (FSAP) is a major initiative, undertaken jointly by the WB and the IMF, in response to the financial crises of the late 1990s. The FSAP was set up in May 1999, initially as a 12-country pilot exercise consisting of diagnostic studies designed to facilitate early detection of financial sector vulnerabilities and identification of financial sector development needs, as well as support an improved and coordinated dialogue among the national authorities, the Bank, and the IMF.

As of October 2005, more than 109 country assessments and 18 updates have been completed or are ongoing, and the program has involved a significant deployment of resources at the Bank.

The FSAP is predicated on the assumption that the objectives of financial sector stability and development are essential and relevant to the Bank’s and IMF’s missions. Reviews of economic data and literature have confirmed that financial sector crises often lead to sharply increased poverty and reduced growth, and that there is a link between financial sector development and poverty reduction and improved growth. Hence, this evaluation confirms that the program’s objectives are relevant to the Bank’s mission.,,contentMDK:21075552~menuPK:3002351~pagePK:64168445~piPK:64168309~theSitePK:2819750,00.html

Duration : 0:4:12

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