Fed Up With Secrecy And Failure: Ron Paul Seeks To Audit The Fed
What if we told you that there was organization at work in the United States today secretly plotting the course of the United States economy? What if we told you that this secret society is a master of puppets, charting the course of the banking system and pulling the strings of our lending institutions like marionette dolls, all the while independent of most government oversight and regulation? What if we told you that their meetings and deliberations were as secretive as those conducted by the Free Masons and the Bilderberg group?
You are likely doubtful that such a secret organization exists, that our government would never allow an entity to have that much power and control over our economy and monetary policy without substantial government oversight. Unfortunately, you would be wrong. Since 1913, the Federal Reserve System (The Fed) has been at the helm of the US economic vessel, steering us from one financial crisis to the next; making decisions that affect every American and the global economy.
The Fed is an independent body making decisions in secret while covertly managing trillions of dollars in American assets and unilaterally creating US monetary policy. As past and current financial crises can attest, the system is not working. Congressman Ron Paul (R-TX) recently introduced H.R. 459, a bill that would allow for Congressional oversight over the Fed, creating monetary policy transparency and thereby jump starting the process of healing our wounded economy.
The Fed was created by Congress in 1913 with the passage of the Federal Reserve Act. It is NOT a governmental body. While it was created by Congress, the Fed is an independent entity that works with the US treasury to drive economic policy in the United States. The legislatively created objectives of the Fed are maximum employment, stable prices, and moderate long-term interest rates. They are FAILING at all of these objectives.
The Fed has proven that it needs a babysitter; we need your faxes DEMANDING immediate Congressional oversight or the economy will continue to spiral out of control. We must be the engine of change!!
The Fed is run by the Board of Governors; the chairman of the board is Ben Bernake. The Board of Governors has 7 total members and they are tasked with guiding the Fed AND the United States economy.
The problem with the Fed is that while it attempts to manage the most massive, complex, and powerful economic system in the world, it does so in the dark with almost no government oversight. The Fed acts in near total secrecy while creating one economic policy disaster after another. This must change if the United States is to regain its position as an economic super power!!
The United States has faced one financial meltdown after another since the creation of the Fed; including the Great Depression in 1929 and the Great Recession in 2007. In all, the Fed has guided the US economy into at least half a dozen financial icebergs; yet for all the damage they have caused the American economy, they still act in secret. This is because Congress is STILL legislatively prohibited from auditing most aspects of the Fed. This MUST change if we are to have ANY hope of a full economic recovery. We NEED your voice!!
According to the Federal Reserve Act, Congress may only audit check processing, currency storage and shipments, and some regulatory bank functions. Current law prohibits Congress from auditing deliberations and decision-making procedures regarding monetary policy matters. Further, Congress cannot subpoena communications of and between the Board of Governors, officers, and employees of the Fed. Finally, the law prohibits Congressional oversight of foreign bank transactions as well as transactions with other governments.
Congress gave the Fed carte blanche to work in anonymity back in 1913. In 1913, the horse was still the most popular means of transportation and the idea of a technologically connected world could not be imagined by even the most creative of minds. During this time period, indoor plumbing was the vanguard of progress and the electric light bulb was only 34 years old.
It is very clear that the old system is COMPLETELY outdated and change is REQUIRED if we are to provide a healthy economy for our children. We need your voice telling Congress to destroy the anonymity provisions and conduct a full audit of the Fed!!
The Fed has failed to protect our economy, pushing the US towards one financial crisis after another. Chairman Bernake seems to believe that government intervention in the way of bailouts is the most efficacious way to create economic recovery despite mountains of data that say otherwise. This anachronistic system has proven time and time again that it is incapable of driving our economy towards prosperity; its consistent failures amidst secret deliberations underscore the need for IMMEDIATE Congressional oversight.
H.R. 459 would kick down the doors of secrecy. No longer would the Fed be capable of shielding themselves from public scrutiny stemming from their many failures. Further, the legislation would allow for public dissection of Fed policies. This would create a competitive environment where the Fed would finally be accountable to the American people; Chairman Bernakes will no longer be able to hide behind a veil of secrecy while in the driver’s seat of an increasingly atrophic American economy.
Specifically, Rep. Paul’s bill would destroy provisions in the original Federal Reserve Act that protect the Fed from Congressional oversight. H.R. 459 would allow Congress to audit and review all communications of and between the Board of Governors, officers and employees of the Fed. Congress would be able to review all deliberations and decision-making procedures currently in use by the Fed. Finally, Congress would have oversight over all Fed transactions; Congress would no longer be handcuffed to reviewing only domestic transactions, oversight would extend to all foreign transactions as well.
We all know that the Fed and Ben Bernake are failing as stewards of the American economy. We can look at our bank accounts, home values, and investment portfolios to see all the proof we need. Why should the Fed be insulated from public scrutiny? Why are they afraid of Congress and the American people? Transparency is the hallmark of democracy; why the subterfuge and clandestine approach to decision-making? This is OUR economy. Those who are entrusted to protect it ought to be accountable to the American people through Congressional oversight!
Continuing with the same closed door deliberations will lead to the same failed policies that have been plaguing the US economy since the early 20th century. We CAN make America more prosperous, we CAN make the Fed more transparent, and we CAN make our country better for our children; but to do so we need your VOICE!!! DEMAND Congressional oversight and let’s all do our part in fixing our economy.
Please, support H.R.459 and tell Congress that you are fed up with business as usual. I urge you to fax Congress and demand they make the Fed accountable. Our economic prosperity is in our hands. We must never be afraid to act!