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

If anyone says that one person can’t make a difference or that your voice will never be heard on Capitol Hill over the roar of special interests groups and PAC money, do not believe them!  Thanks to YOUR efforts, the political landscape of Congress is changing and our Conservative lawmakers are listening and acting on YOUR demands!!

Last month, Conservative-Daily ran a story about Rep. Ron Paul’s (R-TX) bill that intends to audit the Federal Reserve (the Fed).  The legislation, H.R. 459, is just the latest attempt by Rep. Paul to bring accountability and transparency to the secretive Federal Reserve; his first bill to audit the Fed was introduced way back in the 1970s!  For decades, Rep. Paul toiled fruitlessly never being able to gain any momentum.  That is until the readers of Conservative-Daily made their voice heard!

Last month, the House of Representatives passed H.R. 459 with a vote tally of 327 yay's and 98 nays.  After languishing in the House for decades, the bill suddenly passed with bipartisan support; all but one Republican voted for the bill along with 89 Democrats.  Your voices have truly made a difference; but the success does not stop there!

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Republican Presidential nominee, Gov. Mitt Romney (R-MA), has publicly stated that he supports Rep. Paul’s bill and believes that Congress should have the power to audit the Federal Reserve.  On August 20, 20102, Gov. Romney stated, “Very plain and simple, the answer is yes. The Federal Reserve should be accountable. We should see what they're doing”.  Moreover, we are now seeing a push in the Republican Party to ratify the ideas encapsulated in H.R. 459 as part of the REPUBLICAN PLATFORM!!!

You helped make all this happen!! This is no coincidence; your faxes have changed the landscape of Conservative politics in the United States.  But the job is not done.  We must get the bill through the Senate before we can truly start celebrating.

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

For those of you new to the subject of Federal Reserve transparency, we will briefly explain what the Federal Reserve does and why it should be audited by Congress.  Hopefully, this will create an even greater ground swell of support that will push the bill through the Senate and be ratified as part of the 2012 Republican Party Platform.

Since 1913, the Federal Reserve System 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 that makes 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.   Rep. Ron Paul’s legislation, H.R. 459, would allow for Congressional oversight over the Fed, creating monetary policy transparency and thereby jump starting the process of healing our wounded economy.

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

Congress created the Fed in 1913 with the passage of the Federal Reserve Act.  It is NOT a governmental body.  Even though Congress created the Fed, it 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.

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 engines of change!!

The Board of Governors runs the Fed; 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!!

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

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 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 children.   We need your voice telling Congress to destroy the anonymity provisions and conduct a full audit of the Fed!!

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The Fed has failed to protect our economy, pushing the US towards one financial crisis after another.  Chairman Bernanke 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 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, Rep. Paul’s bill would destroy the 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 Bernanke 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 criticism?  Why are they afraid of Congress and the American people?  If transparency is the hallmark of democracy then why is there a 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! 

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

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.

The House has done its part; it has passed H.R. 459 with bipartisan support thanks to your faxes.  An idea that was mocked just four years ago at the 2008 Republican Convention is now being embraced because we, the Conservative backbone of the United States, stood up and DEMANDED that Conservatives act like Conservatives.  But our job isn’t over and we must not rest on our laurels.  Fax the U.S. Senate today and demand action!  We must keep the pressure on Sen. Harry Reid and his Liberal cronies looking keep Americans in the dark when it comes to the economy all so that they may continue to lie to the American people and advance their Socialist ideals.  This must stop IMMEDIATELY.  Stand with us.  We have proven that together our voices make a difference.  Together, we will change the world!!

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


Tony Adkins