“If the provisions of the Constitution can be set aside by an Act of Congress, where is the course of usurpation to end? The present assault upon capital is but the beginning. It will be but the stepping-stone to others, larger and more sweeping, till our political contests will become a war of the poor against the rich; a war growing in intensity and bitterness.” ~Justice Stephen J. Field, United States Supreme Court opinion, Pollock v. Farmers Loan & Trust Co.
We are pleased to present our series of Solari Special Reports on legal aspects of US fiscal and monetary policy by Michele Ferri and Jonathan Lurie.
The first three relate to US fiscal policy and management – the Constitutional and legislative issues related to the failure of the US Congress, Executive Branch and Courts to enforce the laws related to US financial management and reporting. Our sponsorship of this series was inspired by Dr. Mark Skidmore’s report on $21 Trillion missing from DOD and HUD. Our hope is that it will make the legal questions more accessible for those interested in improving transparency of federal finances and enforcement of the federal financial laws.
The U.S. Statutes Creating Modern Constitutional Financial Management and Reporting Requirements and the Government’s Failure to Follow Them
The fourth relates to US monetary policy and management. As the NY Fed serves as depository to the US government and agent managing the Exchange Stabilization Fund, the Fed and its member banks and their owners and investors have a unique role related to the $21 Trillion missing from DOD and HUD. Indeed this could help explain why Congressional efforts to legislate a GAO audit of the Fed have been blocked to date.