H.R. 1207 has 58 co-sponsors and real potential to pass!
What is H.R. 1207?
The Federal Reserve Transparency Act of 2009 was introduced by Rep. Ron Paul, to allow for an audit of the Federal Reserve. Introducing the bill, he said:
Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation?
Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed's susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.
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? ... 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.
More importantly, the Fed's funding facilities and its agreements with the Treasury should be reviewed. The Treasury's supplementary financing accounts that fund Fed facilities allow the Treasury to funnel money to Wall Street without GAO or Congressional oversight ...
The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny ... By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010 ... would achieve much-needed transparency of the Federal Reserve.
There's no reason for any citizen to not want the Federal Reserve audited. This is a no-brainer. Call your representative and tell them to support this bill today!
The bill is currently in the House Committee on Financial Services:
This is THE MOST IMPORTANT STEP in this legislation! If it doesn't get out of committee it will not come to a vote! There are 71 members on this committee and they are all listed below.
We need to let them know that we want them to allow full house consideration of HR 1207 so it can move forward; we need them to support this. Now is the time.
Get involved! Crash the Federal Reserve!
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H.R. 1207 will:
... deliver answers to the American people about how our money is being used. HR 1207, which is currently in the House Financial Services Committee, received the support of almost 50 other representatives within a month of its introduction and will amend section 714 of Title 31 of the U.S. Code to remove the restrictions on how the Government Accountability Office can audit the Federal Reserve.
With these limitations gone, the Fed's discount window operations, funding facilities, open market operations, and agreements with foreign central banks and governments would all finally be open to congressional oversight.
The Senate version is Senate 604 and I urge every reader to call Congress at (202)-224-3121 and urge our senators to support it.
Never-mind the political parties ... never-mind the politicians ... this is a good bill for "we the people." Contact your representative today!