- Our Party
Republican Senators neuter Federal Reserve Transparency bill
Posted on Jun 1, 2009
It’s time to pick sides…
While the world watches Susan Boyle lose the top prize and cowers in the wake of the dreaded swine flu, the world financial crisis deepens and worsens. The American people are slowly waking up to fiscal realities as our iconic car dealerships and banking establishments flounder in an ocean of red ink. Everywhere we turn something else blows up, and we can’t seem to find a bottom to the stock market. Prices seem inflated much beyond what government measurements are reporting.
As you are reading this, our entire financial system is being restructured. Now is the time for the American people to wake up and check their premises. We have a golden opportunity now that has not existed for 100 years since the inception of our Federal Reserve System. We can at last open up the books with HR 1207 to audit the monetary base. This would be extremely enlightening as to the depth of the financial crisis the country is in.
If American governmental organizations have agreements with foreign central banks relating to the US Dollar, then we need to know that. It’s impossible for investors and savers in the middle class to have critical information to plan for their futures. A certain level of secrecy for a private business that manufactures rare toys would be one thing in regards to privacy. A government organization that controls the printing presses and therefore the amount of bread and meat on American plates in a recession must be subject to an audit.
Prominent investment gurus such as Jim Rogers and Peter Schiff have recommended us shuttering the doors of the bank. The American people would do well to listen to those opinions outside of the mainstream that have been accurately predicting what is happening in our financial system.
Speaking of accuracy, if you want to know whom you can trust in congress in regards to the state of the economy, I’ll give you a clue. Click here!
HR 1207, the bill to Audit the Fed, now has 179 co-sponsors. Currently the leadership of the two parties has not addressed this legislation until recently. A Senate audit bill that is unrelated to HR 1207 titled “HC-45” was introduced to audit the Fed and was promptly amended to limit the scope. It appears now that a so-called limited government Republican by the name of Richard Shelby did the watering down of the bill. Apparently he has written into the margins of the bill in pencil "with respect to a single and specific partnership or corporation." That means that the scope of the GAO’s audit has been severely limited. This modified version of the amendment does not give GAO authority to look at all of the additional taxpayer risk. Why the secrecy congressmen? Senator Charles Grassley conceded to the amendments, and has therefore shown his stripes as willing to compromise the financial security of the United States citizenry for his own political gain.
Voters would do well to remember Senator Grassley and Shelby as people who do not support oversight or transparency into the monetary system of the United States. These Senators have abdicated their responsibility to the people and should immediately step down.
Claims for Federal Reserve Bank independence from politics are political distortions. The regional private banks appoint the governors of the Fed, and therefore have a private interest in the policy set forth. The President appoints the head of the Fed, so therefore it must be accountable to the people. The American people are not stupid, and during these times of financial crisis when all Americans are forced to report every penny they come in contact with their entire lives, the Federal Reserve must submit to the same scrutiny.
It’s time to audit the fed, and for people from all parties and all ideological backgrounds who support openness and sunshine into government policy to support the audit. This isn’t a libertarian issue; even the principled left supports these actions. Everyone who is on the other side of the fence on this issue only has something to hide.