Congressman Ron Paul has proposed an interesting bill in the House of Representatives. No, it isnt another “crazy” proposal from the Congressman, but rather a very sensible one.
If passed, this bill would require that an audit of the Federal Reserve take place before December of 2010.
The Federal Reserve was established in 1913 and has never been subjected to a government or independent audit. The Federal Reserve controls the Nation’s money supply and has the power to print new money as it sees fit. It also controls interest rates, and therefore has a great deal of influence (to say the least) on our economy.
It is also a private corporation, owned by its members–the same large banks who are being blamed for the current financial crisis.
Requiring an audit of this institution is just plain common sense.
I do not see how any sensible, reasonable person could oppose this on any grounds.
This bill now has 112 cosponsors in the House. The number is growing every day. This bill is also getting bipartisan support. One of the cosponsors is California Representative Lynn Woolsey. She is vice-chairman of the Congressional Progressive Caucus and was the first House of Representatives member to call for withdrawal from Iraq. Georgia Representative Tom Price, a staunch conservative is also a cosponsor. This bill also has the support of plenty of other prominent Democrats and Republicans.
I would not be surprised if President Obama threw his support behind this bill. The President claims to be a very big proponent of transparency. Supporting this bill would be a great way to prove it.
From Congressman Paul: “Since its inception, the Federal Reserve has operated without sufficient transparency or accountability to the American people. In fact, current law specifically excludes the Fed from audit or real congressional oversight. No government agency has such an utter lack of sunshine.
The Federal Reserve has created and dispersed trillions of dollars in response to our current financial crisis. Of course, I am among the most outspoken critics of the bailouts, but Americans across the nation, regardless of their opinion of the , want to know where that money has gone and exactly how much has been spent.”
There is a similar bill now being proposed in the Senate.
With your help, an audit of the Federal Reserve will soon take place.
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