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Congressman Presses Secretary Yellen for Disclosure of U.S. Gold Activities

ZZZZZ

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One of the few in Congress with even half a clue.

Congressman Presses Secretary Yellen for Disclosure of U.S. Gold Activities​

Money Metals News Service

June 10th, 2021

Washington, DC (June 10, 2021) – As foreign governments reportedly accumulate gold and de-dollarize their sovereign wealth funds, a Republican congressman is asking tough questions of the U.S. Treasury about its secretive gold activities.

Representative Alex Mooney (R-WV) – sponsor of the Gold Reserve Transparency Act of 2021 (H.R. 3526) to require the first true audit of America’s gold in decades – wrote to Treasury Secretary Janet Yellen this week requesting detailed information about the U.S. gold holdings delegated to the Federal Reserve and the International Monetary Fund and posed other questions.

From Rep. Mooney’s letter:
  1. According to testimony in 2011 by Mr. Gary Engel, the Director of Financial Management and Assurance at the Government Accountability Office, about 5 percent of the U.S. gold holdings were stored at the time at the Federal Reserve Bank of New York. He also stated that this gold is not considered “audited” and that no assaying or inventorying of that gold had occurred since at least 1986.
    At the current time, what amount of U.S. gold holdings is vaulted at the Federal Reserve Bank of New York (or by the Federal Reserve using other depositories)? Also, has this gold been recently audited, assayed, and/or inventoried? If so, please provide me with a copy of any relevant reports.
  2. For what purpose(s) is United States gold bullion stored at the Federal Reserve?
  3. According to testimony by Mr. Engel, the Federal Reserve Bank of New York holds gold for other nations as well. Is the U.S.-owned gold stored at the Federal Reserve held in a physically segregated manner from the holdings of other nations?
  4. During the 2011 hearing, Rep. Luetkemeyer referenced a report that 261 million ounces in U.S.-owned gold is part of the IMF’s reserves. At present, how many ounces of U.S.-owned gold are in the possession of the IMF or pledged to the IMF – and where is that gold kept? Also, please describe the purpose and nature of this arrangement as well as what oversight procedures are in place.
  5. How much U.S.-owned gold is in the possession of and/or used by the Exchange Stabilization Fund as part of its activities? What is the purpose and nature of the ESF’s gold activities?
  6. Please provide details as to what U.S.-owned gold is currently pledged, swapped, leased, or otherwise encumbered – and for what purposes – including, but not limited to, arrangements involving the Bank for International Settlements (BIS), World Bank, IMF, and other financial institutions, foreign or domestic.
Mooney’s inquiry comes shortly after he introduced H.R. 3526 to require the Comptroller General to immediately conduct a full assay, inventory, and audit of the United States’ gold reserves and repeat the process every five years.

There is evidence the U.S. Treasury may have sold, swapped, leased, or otherwise placed encumbrances upon some of America’s gold over time.

U.S. Rep. Alex Mooney

U.S. Congressman Alex Mooney (R-WV)

However, federal government officials have strongly resisted disclosure of these activities for decades.

To address these concerns, H.R. 3526 also requires a full accounting of any and all sales, purchases, disbursements, or receipts, a full accounting of any and all encumbrances, including due to lease, swap, or similar transactions presently in existence or entered into in the past 15 years, and an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves.

To fulfill its obligations under the Gold Reserve Transparency Act, Government Accountability Office auditors would gain access to any depository or other public or private depositories where reserves are kept as well as related records.

“People are rightly concerned about the state of America’s gold holdings,” said Jp Cortez, policy director at the Sound Money Defense League. “The lack of full transparency by the Federal Government has hobbled public confidence. The Gold Reserve Transparency Act will ensure our gold reserves are accounted for.”

The full text of the bill, which has been referred to the House Financial Services Committee, can be found here.

 

the_shootist

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Congress pressing the Federal Reserve is just theater. Everything Congress does is theater!!! They have no credibility with the people, who ignore most of what they do (which is nothing except launder and pocket American taxpayer money)

The US Congress is a circus clown car not worthy of my attention or respect!
 
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ZZZZZ

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Congress pressing the Federal Reserve is just theater. Everything Congress does is theater!!! They have no credibility with the people, who ignore most of what they do (which is nothing except launder and pocket American taxpayer money)

The US Congress is a circus clown car not worthy of my attention or respect!

At least somebody is protesting rather than sitting on their butt and praising Grandma Janet and Saint Pow Pow Powell.
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Buck

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At least somebody is protesting rather than sitting on their butts and praising Grandma Janet and Saint Pow Pow Powell.
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that's the clue...
Congressman Somebody says something knowledgeable...

soon to fall back asleep till the next microphone is available


who are these people? Congressman Who?

yet, let me temper that with: He's only been around since 2015...let's first see if there's any follow-up from his office...so, never mind
 

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Something is better than nothing, but I'd rather they would work on balancing the budget..
 

Buck

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Something is better than nothing, but I'd rather they would work on balancing the budget..
ex-communicating the communists...that's where I'd start

from leadership positions, First
 

the_shootist

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1623427876762.png


I hope he's burning in Hell right now
 

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Avalon

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At least somebody is protesting rather than sitting on their butt and praising Grandma Janet and Saint Pow Pow Powell.
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There are some lone wolves out there trying. The last protest I went to we had two Representatives come out and address the crowd. They are working hard to eliminate required vaccines and passports. Bless the ones trying to help.
 

the_shootist

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nickndfl

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Sounds like nobody knows how much gold exists. I bet there isn't much. They probaby have a bunch of chocolate coins wrapped in gold foil plus tungstem bars painted with gold Rustoleum.
 

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How many times have I seen this request or demand by the political animals to audit the Fed and/or the gold reserves over the past 25 years.... ??? Answer: To many times to count!

So far, the Fed, Treasury & ESF have refused to answer any meaningful questions... I don't expect anything any different this time either!!!
 

ZZZZZ

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How many times have I seen this request or demand by the political animals to audit the Fed and/or the gold reserves over the past 25 years.... ??? Answer: To many times to count!

So far, the Fed, Treasury & ESF have refused to answer any meaningful questions... I don't expect anything any different this time either!!!

The fact that they don't respond speaks volumes. Barry Soetoro explains it:

 

Buck

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that would be like a third of the nation.. lol
mostly riff-raff, and think, the mis-guided are no longer our collective problem
...and think of the cheap available housing : )

they could bring back homesteading...we could learn to garden and build back communities, teach us how to manage our new money as lots of 'floating debt' would come off the table too, crush the banks, work with us to build our own factories and let us make the worlds best widgets down at the factory, soon it all works again (i remember when the expansion of utilities were sold as never rising in price or ever running out...now they're all privately run for-profit companies - the lies over the decades have been doozies)

property owners only, can now register to vote (show your deed), life can move forward again
(there could be contingencies for those who rent, half a voice, it would be an incentive to own property and this country has lots and with 30% or better being run off, that leaves room to breathe again

and this time let's put a few butchers and carpenters and welders in positions of power for a few years, then swap them out for a waitress and a machine operator and a CEO, for a few years...term limits



i can still dream...unless that's the wrong thing to dream about



but no one group in leadership wants to clean out the back of the barn, i guess until the courts say otherwise

in the mean time, the current ones in-place are going to continue to piss all over the floor

there's a high degree for an 'and / or' moment where the lawyers will all agree to seal it up for 20 years

national security i've heard...


and there's still that chance that this is a very bad description of what we see, going on currently, some groups fighting back...the jury is still out for me, i'm watching to see how successful they are at the next level

GL!
:green tea:
 

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mostly riff-raff, and think, the mis-guided are no longer our collective problem
...and think of the cheap available housing : )

they could bring back homesteading...we could learn to garden and build back communities, teach us how to manage our new money as lots of 'floating debt' would come off the table too, crush the banks, work with us to build our own factories and let us make the worlds best widgets down at the factory, soon it all works again (i remember when the expansion of utilities were sold as never rising in price or ever running out...now they're all privately run for-profit companies - the lies over the decades have been doozies)

property owners only, can now register to vote (show your deed), life can move forward again
(there could be contingencies for those who rent, half a voice, it would be an incentive to own property and this country has lots and with 30% or better being run off, that leaves room to breathe again

and this time let's put a few butchers and carpenters and welders in positions of power for a few years, then swap them out for a waitress and a machine operator and a CEO, for a few years...term limits



i can still dream...unless that's the wrong thing to dream about



but no one group in leadership wants to clean out the back of the barn, i guess until the courts say otherwise

in the mean time, the current ones in-place are going to continue to piss all over the floor

there's a high degree for an 'and / or' moment where the lawyers will all agree to seal it up for 20 years

national security i've heard...


and there's still that chance that this is a very bad description of what we see, going on currently, some groups fighting back...the jury is still out for me, i'm watching to see how successful they are at the next level

GL!
:green tea:
What you describe would be like the phoenix. All that would have rise out of ashes of destruction. Its sounds wonderful but it would be Mad Max for a while. We have a very thinly veiled violent society now. Its not just the gangs and punks we all think of. Many of the civilized and woke crowd would love to shut this group and others like us up permanently All in the name of social equality of course. Personally I'm praying for divine intervention.
 

Buck

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What you describe would be like the phoenix. All that would have rise out of ashes of destruction. Its sounds wonderful but it would be Mad Max for a while. We have a very thinly veiled violent society now. Its not just the gangs and punks we all think of. Many of the civilized and woke crowd would love to shut this group and others like us up permanently All in the name of social equality of course. Personally I'm praying for divine intervention.
you're not alone but, what would really be impressive is if it all failed and most of the sheep went, eh...

if people will follow caution to the point of being stupid, picture what they'll do if there's an actual incentive to do it...


what we need is a singular voice of voices, someone who'll actually lead and take a few criminals to task at the same time...then step down and let someone else lead for a bit, etc...
 

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It's time we realize all of the nonsense about truth, freedom, justice and liberty is just a selling scheme to keep the slaves in compliance with the rules that the money power enacts... The U.S. .gov doesn't exist to protect us or to promote liberty & justice, it exists to limit risks & to protect the capital of the investors money power... It's time we grow up and admit these truths, namely that it's all built on the sands of lies & misrepresentations. Tell me about the democratic election process with a straight face!
 

JayDubya

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It's time we realize all of the nonsense about truth, freedom, justice and liberty is just a selling scheme to keep the slaves in compliance with the rules that the money power enacts... The U.S. .gov doesn't exist to protect us or to promote liberty & justice, it exists to limit risks & to protect the capital of the investors money power... It's time we grow up and admit these truths, namely that it's all built on the sands of lies & misrepresentations. Tell me about the democratic election process with a straight face!

If I could "like" that comment twice, I would
 

Buck

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It's time we realize all of the nonsense about truth, freedom, justice and liberty is just a selling scheme
agreed but...let's examine this a bit further:

originally, that's exactly what it meant, in the beginning, people died to create the environment, to write that framework, it was defended properly, multiple times, and it's influence was felt world wide

what it's become is something entirely different

some of the sheep now emulate what ever they want, mainly our current leaders, and with no repercussions

i'll suggest, based upon what i see, if these sheep were to choose a 'pre-designed path', they'd be turned into a 'hero' by the MSM and in some cases, others in the flock, some who have chose to remain out of the fray, will be dragged right into the middle of it and will be used as a tool, they'll be tagged a 'hero', and yet that badge of honor will feel disingenuous to them...too bad, get used to it

don't make a fuss, you'll be denigrated for months, years at a time



where we are, it appears, we're more divided, across larger chasms, then ever before, yet it appears there are at least 80m, or so, who i might be able to hold conversations with...that's a lot of people to stuff into a whole lot of empty walmarts

we're still o.k. for now:summer:
 

the_shootist

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It's time we realize all of the nonsense about truth, freedom, justice and liberty is just a selling scheme to keep the slaves in compliance with the rules that the money power enacts... The U.S. .gov doesn't exist to protect us or to promote liberty & justice, it exists to limit risks & to protect the capital of the investors money power... It's time we grow up and admit these truths, namely that it's all built on the sands of lies & misrepresentations. Tell me about the democratic election process with a straight face!
yes sir!
 

ZZZZZ

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It's time we realize all of the nonsense about truth, freedom, justice and liberty is just a selling scheme to keep the slaves in compliance with the rules that the money power enacts... The U.S. .gov doesn't exist to protect us or to promote liberty & justice, it exists to limit risks & to protect the capital of the investors money power... It's time we grow up and admit these truths, namely that it's all built on the sands of lies & misrepresentations. Tell me about the democratic election process with a straight face!

Agree, BB, but at this point what do we do, just bend over and say "Please sir, may I have another!?"

At least Mooney is standing up and pointing out the monetary fraud and corruption that is killing freedom and liberty.
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