Rep. Ron Paul's "Audit The Fed" Gains Initial Victory; Senate Is Next
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!
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.
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.
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!!
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!!
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!
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!!