"Given the recent disappearance of billions of dollars into Big Finance, this is an appropriate measure." - JHoward, Protein Wisdom
Did you know the Federal Reserve cannot account for over $9 trillion in off-balance sheet transactions? Let me say that one more time.
Rep. Ron Paul's bill HR 1207 to audit the Federal Reserve now has 179 co-sponsors! This is a genuinely non-partisan bill. Every American should jump on this with their full support behind it! You can take action right now, by simply signing this petition.
Posted by Tyler Durden (Zero Hedge):
Zero Hedge recommends all readers who believe in transparency and accountability join Glenn Greenwald, Naomi Klein, James K. Galbraith, Dean Baker, Bill Black, Tyler Durden, Yves Smith, US PIRG, Public Citizen, Mike Farrell, Digby, Rob Kuttner, Ian Welsh, Bill Greider, Stirling Newberry, ANWF, Les Leopold, Mike Lux and others in supporting Alan Grayson and asking Democratic members of Congress to cosponsor the Federal Reserve Transparency Act. Endorse your approval of the proposal and go to this site to sign the petition.
Most of the current co-sponsors are Republican, but Rep. Alan Grayson (D-FL) is pushing hard to get more Democrats on board too. The following video is a MUST WATCH for anyone who wants to know just how well the Federal Reserve is "safeguarding" your money.
Is Anyone Minding the Store at the Federal Reserve?
Grayson has distributed a letter to all Democrats in the House, urging support of this bill. Part of the letter reads as follows:
The Federal Reserve is an odd entity, a public-private chimera that controls the US monetary system and supervises the banking system. The system is governed by a Board of Governors, with twelve regional reserve banks that serve a supporting role. While the Governors are appointed by the President with confirmation by the Senate, the regional Reserve Banks have boards of directors chosen primarily by private banking institutions. Right now, for instance, the CEO of JP Morgan, Jamie Dimon, serves on the Board of Directors of the New York Federal Reserve Bank, as did Goldman Sachs Director Stephen Friedman.
This creates striking conflicts of interest and unseemly appearances in the management of what is ultimately the public's money. Consider:
* JP Morgan's CEO was a board member of the New York Fed even as he negotiated on behalf of JP Morgan with the New York Fed for a $29 billion bridge loan to allow his company to take over Bear Stearns.
* New York Fed and Goldman Sachs board member Stephen Friedman purchased 37,300 shares of Goldman Sachs stock in December at the same time as Goldman received permission to convert to a bank holding company regulated by the Federal Reserve. Friedman at the time was also overseeing the selection of a New York Federal Reserve President to replace Tim Geithner, and the New York Fed ended up hiring another alumni from Goldman Sachs.
* According to the bank's website, the two "class B" directorships of the New York Fed that are supposed to represent the public are vacant.
* Enron's Jeff Skilling was on the board of the Dallas Federal Reserve Bank.
Criticism of banker influence and control of our monetary system is not new. However, the urgency of the financial crisis and the actions of the Fed picking investment bank winners and losers have changed the nature of the criticism.
An audit of the Federal Reserve may not be sufficient to control this sprawling system or bring it back into balance, but it is a start. The public has a right to know to whom the US government is lending trillions of dollars. Dancing around this issue with technocratic terms like ‘increasing liquidity' is preventing a full and long overdue public debate on the role of the Federal Reserve and the influence of private banking interests in the governing of our economy.
Tell you family, tell your friends, tell your neighbors, blog about it, talk about it in forums, call your newspaper ... let's bring accountability back to Washington. Let's make this happen!
In case you missed it, here's the petition you can sign right now!