124 congressmen demand audit of Federal Reserve

U.S. Rep. Ron Paul, R-Texas

A bill calling for the comptroller general of the United States to audit the private Federal Reserve is gaining widespread support in Congress, as 124 representatives have added their names to its growing list of co-sponsors.

As WND reported, U.S. Rep. Ron Paul, R-Texas, introduced in February H.R. 1207, the Federal Reserve Transparency Act of 2009, a bill requiring that an audit of both the Fed's Board of Governors and the Federal Reserve Banks be completed and reported to Congress before the end of 2010.

Paul was joined at the time of introduction by 11 other Republican and Democratic co-sponsors – but now that number has multiplied. Since its introduction, 113 additional U.S. representatives have added their names.

Rep. Paul has been a harsh critic of the Federal Reserve, even seeking to abolish the private money-control system, arguing that Congress should "reassert its constitutional authority over monetary policy."

The Constitution, Paul said, gives Congress, not the private Federal Reserve, "the authority to coin money and regulate the value of the currency."

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Paul explained his advocacy for the H.R. 1207 audit in the U.S. House:

"Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar," the Texas Republican said. "Since 1913 the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy.

"How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation," he said.

Paul called oversight of the Fed "long overdue."

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"Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations," he continued.

"The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government – established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight?"

Paul's bill would also make the Federal Reserve's funding facilities, including the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility subject to congressional oversight.

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WND has reported on Paul's continuing effort to abolish the Fed.

Paul said every problem in the economy, "from the Great Depression, to the stagflation of the '70s, to the current economic crisis caused by the housing bubble," can be traced to Federal Reserve policy.

Paul's abolition plan calls for the director of the Office of Management and Budget to "liquidate" Fed assets "in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury."

H.R. 1207 was referred to the House Committee of Financial Services on Feb. 26 and remains there today.

"This piece of legislation is perhaps the most important of my career," Paul wrote in an April 30 letter to supporters. "Americans from all over the political spectrum are demanding an audit of the Federal Reserve. And with good reason!"

A companion Senate bill known as the Federal Reserve Sunshine Act, or S. 604, is sponsored by Sen. Bernard Sanders, I-Vt. It currently has no co-sponsors and was referred to the Senate Banking, Housing, and Urban Affairs committee on March 16.

Paul is urging people to contact representatives or stop by their offices – especially members of the Financial Services Committee – to demand that they support the legislation.

He suggests citizens begin by contacting Financial Services Committee Chairman Barney Frank, D-Mass.

"Auditing the Fed is only the first step towards exposing this antiquated insider-run creature to the powerful forces of free-market competition," Paul wrote. "Once there are viable alternatives to the monopolistic fiat dollar, the Federal Reserve will have to become honest and transparent if it wants to remain in business."

Paul has introduced legislation regarding the Fed, often suggesting its abolition, repeatedly over the last decade, but the measures seldom have attracted additional support.

Note: Concerned individuals may contact members of the House Committee of Financial Services in reference to H.R. 1207 and the Senate Banking, Housing, and Urban Affairs committee in reference to its companion bill, S. 604. They may also contact their respective representatives and senators.

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