Saturday, May 30, 2009

Audit the Fed HR 1207: This ought to be a no-brainer

On February 26, Congressman Ron Paul introduced HR 1207 the Federal Reserve Transparency Act of 2009. This legislation would require that the American taxpayers have a complete accounting of the trillions of dollars spent through the Federal Reserve. In the recent bailouts, we had trillions spent, and that money came through the Federal Reserve.
The Federal Reserve meets in secret, it's ledgers are secret, even the bank operations are in secret. Yet, the Fed operates with great power over our financial systems and our national monetary policy. As a result of recent changes, the Fed now purchases mortgage securities, treasuries, and bonds. The Federal Reserve alone sets interest rates. Yet, all of these actions are taken without consent of our representatives in Congress.
At this time, 179 members of Congress have co-sponsored this needful legislation-- including 33 Democrats and 146 Republicans. So far, Congressmen Rogers, Aderholt, and Bachus from Alabama have signed onto this legislation. Congressmen Bonner, Bright, Parker, and Davis have not signed on as co-sponsors. If just the Republicans would sign on (31 have not), we would be able to force a vote on this legislation. I would hope that you would contact your representative and ask them to sign on as co-sponsor of this vital, needful, and sensible legislation.

1 comments:

Stephen Smith said...

I had tried to write a brief comment to this, but soon exceeded the 4,096 character limit for posting comments! Instead I direct everyone to my own blog for what I have to say on this subject.

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