Do you support HR 1207 to audit the Fed? 149 cosponsors? Do you know why we need it?

Question

The federal reserve has injected trillions of dollars worth of credit into the markets in the last several months, with no Congressional oversight or approval. Further, the Fed has refused to give information regarding to whom those payments were made, even under freedom of information act requests, stating (accurately) that they are not a federal agency. Isn't it a bit scary to give over our monetary policy to an unaccountable privately owned corporation with shareholders made up of the very banks it is supposedly regulating?

Moreover, Obama has signaled that the Fed is likely to be given even more power, over the entire financial industry, not just banks.

Current audit power does not allow Congress to look at the very things needed to make the Fed accountable. HR 1207, introduced by Congressman Ron Paul would change that and require a thorough audit by 2010.

Here is a partial discussion: http://www.cbonds.info/all/eng/news/index.phtml/params/id/432326

"WASHINGTON (MarketWatch) -- While not quite in the same league as Tina Fey's take on Sarah Palin, Saturday Night Live's spoof on the banks' stress tests last Saturday was pretty funny.

Will Forte as Treasury Secretary Timothy Geithner explained that the stress test went from being a graded test, to a pass/fail, to a pass/pass-with-an-asterisk, to a pass/pass system, and then he congratulated all the banks for passing. Watch the video.

Time will tell how useful the stress tests were, but few serious economists or analysts believe the banking problem is solved.

In the meantime, there's a groundswell in Congress for closer scrutiny of the stress tester - the Federal Reserve itself. America's central bank is a curious public-private sector hybrid, largely free from any governmental oversight or control.

But as the steward of the nation's money, the Fed's actions in recent months to print hundreds of billions of dollars in new money seem to cry out for some sort of democratic review. Congress, after years of fawning over Fed Chairman Alan Greenspan as the maestro of monetary policy, has learned the hard way that, while trust is good, control is better.

So there is a bill before Congress that calls for a full-scale audit of the Federal Reserve System -- the Federal Reserve Board based in Washington, and the 12 regional Federal Reserve Banks.

That bill, H.R. 1207, now has 149 cosponsors and counting. It was introduced by Texas Rep. Ron Paul, now nominally a Republican, but a former leader of the Libertarian Party who is still best known for his strong libertarian principles. Read more about the bill.

Paul, as his fans well know, would just as soon abolish the Fed as look at it, but this issue gives him a chance to come in from the political fringe and at least start a process the could result in changing accountability at the Fed.

Paul's bill directs the Government Accountability Office to audit the Federal Reserve Board and regional banks by the end of 2010 and present a detailed report to Congress. The audit would look at the Fed's actions during the crisis and its decision-making process.

The 149 cosponsors include all but three of the 29 Republican members of the House Financial Services Committee, starting with ranking member Spencer Bachus of Alabama. While the bulk of the bill's supporters are Republicans, 20 House Democrats have also signed on as cosponsors. The companion bill in the Senate, S. 604, introduced by independent Bernie Sanders of Vermont, has no cosponsors yet.

House Financial Services Chairman Barney Frank, D-Mass., has promised that the bill will get a hearing in his committee. "I hope we're going to put some limitations on this power of the Federal Reserve to lend any money to anybody," Frank recently told an audience in Boston, "and to significantly increase the auditing and transparency at the Federal Reserve."

Paul made it clear what he was after when he introduced the bill. "The Treasury gets hundreds of billions, which is huge, of course," Paul said in a speech on the floor, "and then we neglect to talk about the Federal Reserve, where they are creating money out of thin air, and supporting all their friends and taking care of certain banks and certain corporations. This, to me, has to be addressed."

Paul has some support outside Congress as well. No less an authority than former Fed Chairman Paul Volcker thinks the Federal Reserve will come in for some congressional review after its emergency actions during the crisis.

"I think for better or for worse we are at a point where the Federal Reserve Act, after all that has been happening in the last year or more, is going to be reviewed," Volcker said last month in a speech at Vanderbilt University.

Volcker said that the political system could not "tolerate" the degree of activity that the Fed has undertaken in conjunction with the Treasury Department, using emergency powers without any congressional authorization or review.

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Answer 1

Not only stand behind it, demand it. the fed needs to be abolished.

Answer 2

No, i admire having my head interior the sand whilst it is composed of concerns of economic coverage and the fee of the money i'm working for and saving. How will we no longer assume that a cartel of banking elites does no longer have our authentic ultimate hobbies at heart in any respect cases? How ought to they probable use manipulation of money and credit to their very own benefit rather of people who truthfully create the wealth at the back of it? once you examine out it, who could be there to maintain us from economic failures as a results of financial bubbles collapsing like interior the great melancholy. properly, consistent with risk it somewhat is a foul occasion because of the fact the Fed did no longer truthfully keep any banks decrease back then. Anywho, they have accomplished an wonderful job of balancing boost and fall down interior the previous ninety some marvelous years. If something, their chairman has to spend too plenty time attesting to Congress rather of working his magic on the economic equipment and scuffling with evil villains searching for international domination. they ought to easily make it so he's no longer chosen via the administrative branch and does not ought to spend his time sitting in front of Congress. those 2 issues carry him decrease back from being completely impervious to political pressures and the desire of the human beings.

Answer 3

Oh it's so important. This should receive bi-partisan support. I have been contacting my representative to try and get him to support the bill.



This is about transparency, which we have a right to when it comes to our money!



Go Ron Paul! He's the best advocate for Americans everywhere!

Answer 4

I don't need to read all that to say...





YES! I do support it!!!



Edit: I agree, go Ron Paul!

Answer 5

Of course I support it. Its long overdue