Wednesday, March 11, 2009

Audit the Federal Reserve System

I got this from Facebook:

Contact your congressional representatives and implore them to support HR 1207.

The Federal Reserve, the US government's central banking system, is a quasi-public organization created by Congress to oversee the US Dollar. Although the Congress has the right to audit the Fed, through the General Accounting Office (GAO), there are many stipulations that prevent the American people from knowing exactly how unsound our money has become.The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny.

In December, the Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral. Many in Congress are starting to ask questions. Isn't it time for you to do the same?

Demand that the Congress hold the Federal Reserve completely accountable to the American people.

"The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed’s negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates."

Congressman Ron Paul (R-TX), February 28, 2009, Introducing HR 1207 to the House

Sponsors of HR 1207

Rep. Ronald Paul [R, TX-14]
Rep. Neil Abercrombie [D, HI-1]
Rep. Michele Bachmann [R, MN-6]
Rep. Roscoe Bartlett [R, MD-6]
Rep. Paul Broun [R, GA-10]
Rep. Dan Burton [R, IN-5]
Rep. Walter Jones [R, NC-3]
Rep. Steve Kagen [D, WI-8]
Rep. Ted Poe [R, TX-2]
Rep. Bill Posey [R, FL-15]
Rep. Dennis Rehberg [R, MT-0]
Rep. Lynn Woolsey [D, CA-6]

Contact Congress and let them know that you want an audit of the Federal Reserve.


Elisheva Hannah Levin said...

We should also make sure that we render some honors to the two Democrats that sponsored this bill. They are fighting the good fight against their party bias.

Elisheva Hannah Levin said...

Oops, I missed one. There are three Democrats on the sponsor list.