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Popular 'Audit the Fed' bill threatened by politics as usual
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Rasmussen Reports took a poll in July showing that a full 75% of Americans favor Rep. Ron Paul's 'Audit the Fed' bill HR 1207, which would require the Government Accountability Office (GAO) to audit the Federal Reserve. This is currently prohibited by law, enabling the Federal Reserve to do as they please without any accountability.
Not only do the people favor this bill, so does the House of Representatives. Currently 282, more than half, have signed on as co-sponsors.
You would think this broad support would guarantee its passage – but wait. Ben Bernanke, chairman of said Federal Reserve, is adamantly opposed to this bill. In fact, in this interview he complains that it would give the GAO the power to audit the decisions of the Fed, to issue subpoenas and demand information, and to evaluate their decisions and report to Congress. He further states, “I don't think that's consistent with independence.” It may not be consistent with independence, but it's consistent with the will of the people.
Mr. Bernanke, however, has friends in high places. In fact, in a June 17th press briefing announcing “a sweeping overhaul of the financial regulatory system,” President Obama declared that he wants to give the Federal Reserve more power:
I am proposing that the Federal Reserve be granted new authority -- and accountability -- for regulating bank holding companies and other large firms that pose a risk to the entire economy in the event of failure.
So here's the plan to thwart the will of the people and the will of the House.
John Tate, president of the Campaign for Liberty, sent out an email August 31st about HR 1207 'Audit the Fed' and the President's proposals:
rather than voting on HR 1207 as a standalone bill, many in Congress hope to roll it into the comprehensive regulatory reform package recently proposed by the White House.
This reform package grants new, more comprehensive powers to the Fed and strengthens the government's control over our economy. C4L and other friends of liberty stand in opposition to this proposal, as well as any other attempt to convert this historic movement for transparency into yet another rubber-stamping of politics as usual.
It is imperative that Audit the Fed come before the House and Senate on its own merits.
The American people stand behind a thorough audit of the Fed, and we should not be adding additional powers when we don't fully know what is being done with the ones they currently have.
Not only do the American people stand behind this movement for transparency, so does God, as stated by His only Son, our Lord Jesus Christ:
Therefore do not fear them, for there is nothing concealed that will not be revealed, or hidden that will not be known. (Matthew 10:26)
To demand a roll call vote on HR 1207 and the Senate version S604 as stand-alone bills, contact:
Speaker Nancy Pelosi's office (202) 225-0100
Speaker Nancy Pelosi's email form
Senator Charles Schumer email form
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