Great article from the Mises institute:
The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody — and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue.
Read it here: http://blog.mises.org
A little more background:
In 1950 the law was changed to exempt the federal reserve from *any* auditing procedures. So, the Fed can use our tax dollars however they wish, without any obligation whatsoever to tell us what they’re doing.
HR 1207 & S 604 seek to repeal that portion of the code, so when we ask questions, they HAVE to answer.
Why is this important?
As just one example, right now the fed is refusing to give a public accounting of the trillions in recent taxpayer backed loans. Just look at the 700 billion in TARP funds that congress appropriated and the Fed refused to talk about — we now know a portion of it ended up going to bonuses for the AIG execs.
We deserve to know how our tax dollars are being spent, and allowing the Federal Reserve to remain out of control and shrouded in secrecy *clearly* allows for abuse.
HR 1207 & S 604 are our chance to put an end to this.
So, what can you do to help? Go here and sign the petition to urge your congressman to co-sponsor the bill:
“To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have. They have been given the power to create money, by the trillions, and to give it to their friends, under any terms they wish, with little or no meaningful oversight or accountability. Thus the loudest arguments against greater transparency are likely to come from those friends, and understandably so.”
– Ron Paul (YouTube of Freedom Watch 6/10/09)