Federal Reserve Accountability Act An Unacceptable Compromise
Washington D.C. October 20, 2009 -Today, Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) introduced the Federal Reserve Accountability Act, an attempted compromise on the issue of transparency for America’s secretive central bank. The bill would permit an audit of the Fed’s actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, but would not allow Congress to review the Fed’s inflation of the money supply or the its agreements with foreign central banks.
Legislation that would bring a full audit of the Fed, Congressman Ron Paul’s H.R. 1207 and its Senate companion S. 604, has gained strong grassroots support and built tremendous pressure on banking special interests.
Opponents of Fed Transparency argue that a full audit of the Federal Reserve would damage the central bank’s “independence” and allow Congress to dictate monetary policy.
“Claims that transparency at the Federal Reserve would leave Congress in charge of monetary policy are simply bogus,” said Jesse Benton, Senior Vice President of Campaign for Liberty. “There is absolutely no reason why The American People should not be able to review the minutes of the Federal Open Market Committee after a reasonable amount of time has passed.”
Please take a few minutes and contact your Senators and Congressmen and let them know that we want no compromise at all with our efforts to audit the fed. We’ve come a very long way, and are so close to getting what we’ve worked so hard to get, a true audit to see where these trillions of dollars have been going. Tell them that you want to see them support HR1207 and S604 as is, and no watered down version of the bills either.
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