There is no reasonable argument for NOT auditing the Federal Reserve, and HR 1207, the Federal Reserve Transparency Act, with its broad bipartisan and grassroots support, would accomplish what "we the people" need - TRANSPARENCY!
The bill is cosponsored by 309 Members of Congress, including all Financial Services Committee Republicans and 13 Financial Services Committee Democrats. Yet, HR 1207 is on virtual life support:
Arguably the single greatest measurable impact from the Ron Paul Revolution, the bill, which has garnered strong bipartisan support due in large part to grassroots efforts from Paul’s Campaign for Liberty, has apparently been “gutted” by Mel Watt (D-NC).
Watt’s district includes Charlotte, the home of Bank of America. Since 1989, Watt’s largest base of contributors have been from commercial banking. He is the subcommittee chairman for domestic monetary policy and his official House website states:
My service on the Financial Services Committee has been especially important because the 12th Congressional District is home to more banking and financial interests than any congressional district in the United States except the New York district in which Wall Street is ...
Unfortunately, the powers-that-be and their minions in Congress (and the Obama administration) want nothing to do with increasing transparency. Despite trillions of guarantees, secret transactions, and money-printing; the Stormtroopers, under the influence of the banking Jedi, are telling the taxpayers to move along ...
They've indebted generation upon generation with trillions of dollars of debt, debased our currency, and created disastrous economic bubbles. Yet, the Federal Reserve is lobbying and campaigning hard to keep "we the people" from learning their secrets. And if you wonder why any so-called "economist" would advocate Federal Reserve secrecy, here's why ...
Economists Opposing Fed Audit Have Undisclosed Fed Ties
As the debate over an audit of the Federal Reserve intensifies in the House, one camp is trotting out eight academics that it calls a "political cross section of prominent economists."
A review of their backgrounds shows they are anything but.
In a letter to the House Financial Services Committee earlier this month, all eight wrote that they support the type of amendment now being introduced by Rep. Mel Watt (D-N.C.). Watt's approach purports to increase Fed transparency while it actually would tighten restrictions on any audits that could go forward.
But far from a broad cross-section, the "prominent economists" lobbying on behalf of the Watt bill are in fact deeply involved with the Federal Reserve. Seven of the eight are either currently on the Fed's payroll or have been in the past.
The Fed connections are not outlined in the letter sent around to committee members on Wednesday, but are publicly discernible through a review of their resumes, which are all posted online.
For more on the Federal Reserve's bought and paid for economists, see Why Does Goldman Alumni Geithner Still Have a Job?
