UPDATE



Click here to support H.R. 459 and S. 202-DEMAND Congressional oversight over the Federal Reserve System



Last week Conservative-Daily brought you a story regarding Congressman Ron Paul (R-TX) and H.R. 459, his proposed legislation to audit the Federal Reserve, YOU have made a difference!  After receiving thousands of your faxes, H.R. 459 was favorably reported on in the House Committee on Oversight and Government Reform.  Not only did it make it out of committee, it was a UNANIMOUS vote!!  Your courage and commitment to advocacy are changing the way Washington does business!  But it gets better!!

Rep. Paul has been proposing legislation to audit the Federal Reserve for THREE DECADES.  Unfortunately, it could never get traction in the House of Representatives; that is until YOU demanded action!!  Now the bill has 257 cosponsors and if we keep up the pressure on Congress, we can make certain it goes to a full House vote!!

But that is not the only good news; Senator Rand Paul (R-KY) has now introduced a companion bill in the US Senate!  S. 202, entitled the “Federal Reserve Transparency Act of 2011”, is the functional equivalent of H.R. 459 and was referred to the Senate Committee on Banking, Housing and Urban Affairs.  Your grassroots efforts have created substantial momentum, let’s keep applying pressure and get this bill through the Senate committee!

Click here to support H.R. 459 and S. 202-DEMAND Congressional oversight over the Federal Reserve System

If you didn’t read our last blog, you might be wondering what the Federal Reserve actually does and why it MUST be audited.  The Federal Reserve (the Fed) was created by Congress in 1913 with the passage of the Federal Reserve Act.  It is NOT a governmental body.  While Congress created it, 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 these objectives.

Since 1913, 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.  They are a secret cabal of very powerful individuals who make decisions in the dark with almost no Congressional oversight.

The Board of Governors runs the Fed; the chairman of the board is Ben Bernanke.  The Board of Governors has 7 total members and they are tasked with guiding the Fed AND the United States economy.  The Fed manages trillions of dollars in American assets and unilaterally creates US monetary policy.  As past and current financial crises can attest, the system is not working.

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 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!!

Click HERE to join the conversation on Facebook!

Since the creation of the Federal Reserve System the United States has been subjected to several substantial financial meltdowns; including the Great Depression and the Great Recession!  Isn’t the Fed supposed to protect us from such financial crises? 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.

Click here to support H.R. 459 and S. 202-DEMAND Congressional oversight over the Federal Reserve System

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 even the most creative of minds could not imagine the idea of a technologically connected world.  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 a change is REQUIRED if we are to provide a healthy economy for our future.   We need your voice telling Congress to remove the anonymity provisions and conduct a full audit of the Fed!!

H.R. 459 and S. 202 would make substantial changes to current law governing the Federal Reserve.  These bills would create a competitive environment where the Fed would finally be accountable to the American people; Chairman Bernanke 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, H.R. 459 and S. 202 would:



  • Allow Congress to audit and review all communications of and between the Board of Governors, officers and employees of the Fed.


  • Give Congress the power to review all deliberations and decision-making procedures currently in use by the Fed


  • Congress would have oversight over all Fed transactions; foreign and domestic




These common sense measures should have been put in place 100 years ago!  Perhaps we could have avoided the myriad of financial crises that have befallen the United States during that time.  We must protect the American economy for our future, children and grandchildren. The best way to do that is to pressure Congress into finally accepting these changes and thereby creating Federal Reserve transparency.  We NEED your voice today!!

Click HERE to join the conversation on Facebook!

Many have opined that the definition of “insanity” is to keep doing the same thing over and over again while expecting a different outcome.  This is the case when it comes to the Fed.  We know it is broken.  We are currently living through the consequences of their anonymity, poor decision-making, and non-existent leadership.  What do they have to hide?  Why all the secrecy?  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.  It is time the United States to stop looking for a different outcome by fixing the obvious problem before the Fed does anymore damage to our economy.

Your advocacy is working!  But we must be ever vigilant and unrelenting.  Demand passage of H.R.459 and S.202 today so that we may fix our economy for the next generation of Americans!

Click here to support H.R. 459 and S. 202-DEMAND Congressional oversight over the Federal Reserve System

Sincerely,

Tony Adkins

Conservative-Daily