The Federal Reserve Transparency Act-H. R. 1207

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A BILL

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Federal Reserve Transparency Act of 2009”.

SEC. 2. Audit reform and transparency for the Board of Governors of the Federal Reserve System.

(a) In general.—Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after “shall audit an agency” and inserting a period.

(b) Audit.—Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:

“(e) Audit and report of the Federal Reserve System.—

“(1) In general.—The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.

“(2) Report.—

“(A) Required.—A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

“(B) Contents.—The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”.


Call your representatives to have them sponsor this bill to audit the Federal Reserve, to find out where OUR money is being spent.

http://thomas.loc.gov/home/gpoxmlc111/h1207_ih.xml

http://www.govtrack.us/congress/bill.xpd?bill=h111-1207

I have already sent this letter to my Congress, feel free to use it too


Dear Mr/Mrs/Ms,

Please co-sponsor and/or support H.R.1207, an effort to audit the Federal Reserve.

Recently, it has come to light that there is little to no accountability to the people on the part of the Federal Reserve. While the citizens of this country are required by law to give an accounting of every penny they come in contact with, the Federal Reserve has never been held to the same standard. During this time of extreme economic crisis, the people deserve an accounting of where our money is going.

Currently there are 11 co-sponsors for this legislation, and it is enjoying bi-partisan support. Your efforts in supporting this important legislation would go a long way in proving to your constituents that you not only hold the Federal Reserve to the same standard as you do your constituents, but it would also show that you believe in transparency. Anything less than support for this resolution suggests that you are in favor of secrecy and a lack of accountability to the people who pay the bills. We pay the tab; we have a right to know where our money is going.

Unlike recent bills that you voted in favor of that had hundreds of pages and just a few hours to read, this bill can be read in under 5 minutes. I encourage you to take the time to read it, and then move to support it.

Thank you in advance for your attention on this important legislation. I have every expectation that you will do right by your constituents and support this measure.

Sincerely,

 

[ColdBlooded]

 

[RedStorm]

they have spam bacon?!?!?!?!


Awesome.

 

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Ben Bernanke Refuses Transparency

 

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^^^
good point in that video

Bernanke and the rest of the Fed are straight up legal Mafia that answer to no one and everyone let's them do it.

 

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Fed Refuses to Release Bank Data, Insists on Secrecy

March 5 (Bloomberg) -- The Federal Reserve Board of Governors receives daily reports on bailout loans to financial institutions and won’t make the information public, the central bank said in a reply to a Bloomberg News lawsuit.

The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.

Fed secrecy was the focus of a Senate Banking Committee hearing today in which the panel’s top two members said the central bank’s reluctance to identify companies benefiting from the American International Group Inc. bailout risks undermining public confidence in the government.

“If the American taxpayer’s money is at stake, and it is, big time, I believe the American taxpayers, the people, and this committee, we need to know who benefited, where this money went,” said Senator Richard Shelby of Alabama, the committee’s top Republican. “There is no transparency here. We are going to find out.”

The bank provides “select members and staff of the Board of Governors with daily and weekly reports” on Primary Dealer Credit Facility borrowing, said Susan E. McLaughlin, a senior vice president in the markets group of the Federal Reserve Bank of New York in a sworn statement. The documents “include the names of the primary dealers that have borrowed from the PDCF, individual loan amounts, composition of securities pledged and rates for specific loans.”

Information Shared

The Board of Governors contends that it’s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which isn’t subject to FOIA law, according to the Fed. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets.

“I would assume that information would be shared by the Fed and the New York Fed,” said U.S. Representative Scott Garrett, a New Jersey Republican. “At some point, the demand for transparency is paramount to any demand that they have for secrecy.”

Bloomberg sued Nov. 7 under the U.S. Freedom of Information Act, requesting details about the terms of 11 Fed lending programs.

The Bloomberg lawsuit said the collateral lists “are central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression.”

‘Deeply Troubled’

Fed Vice Chairman Donald Kohn told the Senate panel today that revealing the names of AIG’s counterparties would make companies less likely to do business with any recipient of government aid, risking further turmoil at the insurer and financial markets.

“I don’t consider that an adequate” response, “to put it mildly,” Committee Chairman Christopher Dodd, a Connecticut Democrat, told Kohn at the hearing. “The public is deeply, deeply troubled.”

Shelby told the Fed vice chairman that “your answer here is very disturbing.”

“People want to know what you’ve done with this money,” he said.

Kohn said the Fed wouldn’t reveal the counterparties in Maiden Lane III, a company formed by the central bank to purchase collateralized debt obligations on which AIG’s financial products unit had written credit-default swaps.

“The Fed and the Treasury can be secretive for a while, but not forever,” Shelby said.

Commercial, Consumer Loans

The Fed stepped into a rescue role that was the original purpose of the Treasury’s $700 billion Troubled Asset Relief Program. The central bank’s loans don’t have the oversight safeguards that Congress imposed upon the TARP.

Total Fed lending exceeded $2 trillion for the first time Nov. 6 after rising by 138 percent, or $1.23 trillion, in the 12 weeks since Sept. 14, when central bank governors relaxed collateral standards to accept securities that weren’t rated AAA. Fed lending as of Feb. 25 was $1.92 billion.

On Feb. 23, the Fed disclosed a breakdown by broad categories for $1.81 trillion of collateral pledged by banks and bond dealers as of Dec. 17 after Congress demanded more transparency from the central bank.

$11.7 Trillion

The largest portions of collateral being held by the Fed at that time were $456 billion in commercial loans, $203 billion in consumer loans and $159 billion in residential mortgages, according to the central bank’s Web site. It didn’t identify any loans or provide their credit ratings and said it will update the figures about every two months.

Government loans, spending or guarantees to rescue the country’s financial system total more than $11.7 trillion since the international credit crisis began in August 2007, according to data compiled by Bloomberg. In return, banks left collateral with the central bank that effectively acts as a credit line that lenders can draw on without posting additional assets.

Bloomberg News, a unit of New York-based Bloomberg LP, on May 21 asked the Fed to provide data on collateral posted from April 4 to May 20. The central bank said June 19 that it needed until July 3 to search documents and determine whether it would make them public. Bloomberg didn’t receive a formal response that would let it file an appeal within the legal time limit.

‘Unprecedented Crisis’

On Oct. 25, Bloomberg filed another request, expanding the range of when the collateral was posted. It sued Nov. 7.

In response to Bloomberg’s request, the Fed said the U.S. is facing “an unprecedented crisis” in which “loss in confidence in and between financial institutions can occur with lightning speed and devastating effects.”

Fed Chairman Ben S. Bernanke and then Treasury Secretary Henry Paulson said in September they would meet congressional demands for transparency in a $700 billion bailout of the banking system.

Banks oppose any release of information because that might signal weakness and spur short-selling or a run by depositors, the Fed argued in its response.

“Rumors that Citibank might be borrow at the DW (discount window) in the early 1990s reportedly sparked runs of some of its offices in Asia,” said Brian Madigan, the Fed’s director of the Division of Monetary Affairs, in a sworn statement.

The Freedom of Information Act obliges federal agencies to make government documents available to the press and public. The Bloomberg lawsuit, filed in New York, doesn’t seek money damages.

“You could make everything a trade secret,” said Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press.

The case is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan).

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aG0_2ZIA96TI

 

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Madam Speaker, I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% 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.

Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.

Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed's susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.

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? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed's negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates.

More importantly, the Fed's funding facilities and its agreements with the Treasury should be reviewed. The Treasury's supplementary financing accounts that fund Fed facilities allow the Treasury to funnel money to Wall Street without GAO or Congressional oversight. Additional funding facilities, such as the Primary Dealer Credit Facility and the Term Securities Lending Facility, allow the Fed to keep financial asset prices artificially inflated and subsidize poorly performing financial firms.

The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We hear officials constantly lauding the benefits of transparency and especially bemoaning the opacity of the Fed, its monetary policy, and its funding facilities. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve. I urge my colleagues to support this bill.

 

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Now theres 26 cosponsors, email your Representatives to sponsor this bill or thank them for co sponsoring it

Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

 

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The Federal Reserve Transparency Act, Congressman Paul's bill to audit the Fed, is now up to 28 cosponsors! (6 Democrats and 22 Repubs.)

Rep Abercrombie, Neil [D, HI-1]
Rep Alexander, Rodney [R, LA-5]
Rep Bachmann, Michele [R, MN-6]
Rep Bartlett, Roscoe G. [R, MD-6]
Rep Broun, Paul C. [R, GA-10]
Rep Burton, Dan [R, IN-5]
Rep Chaffetz, Jason [R, UT-3]
Rep DeFazio, Peter A. [D, OR-4]
Rep Duncan, John J., Jr. [R, TN-2]
Rep Foxx, Virginia [R, NC-5]
Rep Garrett, Scott [R, NJ-5]
Rep Grayson, Alan [D, FL-8]
Rep Heller, Dean [R, NV-2]
Rep Jones, Walter B., Jr. [R, NC-3]
Rep Kagen, Steve [D, WI-8]
Rep Kingston, Jack [R, GA-1]
Rep Marchant, Kenny [R, TX-24]
Rep McClintock, Tom [R, CA-4]
Rep Petri, Thomas E. [R, WI-6]
Rep Poe, Ted [R, TX-2]
Rep Posey, Bill [R, FL-15]
Rep Price, Tom [R, GA-6]
Rep Rehberg, Denny [R, MT]
Rep Rohrabacher, Dana [R, CA-46]
Rep Stearns, Cliff [R, FL-6]
Rep Taylor, Gene [D, MS-4]
Rep Woolsey, Lynn C. [D, CA-6]
Rep Young, Don [R, AK]

 

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COSPONSORS(32), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)


Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

CoSponsors are growing, Its time to Audit the Fed! No congressman or woman should deny this bill. Lets find out what the Federal Reserve has done with our money. Democrats and republicans are co sponsors in this bill btw. :devious:

 

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COSPONSORS(32), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)


Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

CoSponsors are growing, Its time to Audit the Fed! No congressman or woman should deny this bill. Lets find out what the Federal Reserve has done with our money. Democrats and republicans are co sponsors in this bill btw. :devious:

of course rep. george miller from our district isn't on it. snake ass man that's been in office since 1974

 

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COSPONSORS(39), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)


Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Akin, W. Todd [MO-2] - 3/19/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Burgess, Michael C. [TX-26] - 3/19/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Fleming, John [LA-4] - 3/18/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Lummis, Cynthia M. [WY] - 3/19/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009
Rep Peterson, Collin C. [MN-7] - 3/19/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Platts, Todd Russell [PA-19] - 3/19/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

Its up to 39 now.

Could this be passed in congress?

Could Congress find money being spent on things that shouldnt be spent on?

Could this cause the abolishment of the Federal Reserve?

I guess we have to find out.

 

[5-Dime NwK]

COSPONSORS(39), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)


Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Akin, W. Todd [MO-2] - 3/19/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Burgess, Michael C. [TX-26] - 3/19/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Fleming, John [LA-4] - 3/18/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Lummis, Cynthia M. [WY] - 3/19/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009
Rep Peterson, Collin C. [MN-7] - 3/19/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Platts, Todd Russell [PA-19] - 3/19/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

Its up to 39 now.

Could this be passed in congress?

Could Congress find money being spent on things that shouldnt be spent on?

Could this cause the abolishment of the Federal Reserve?

I guess we have to find out.

we can only hope.. but it wont happen. This country needs to completely fail before the general public will pay attention

 

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COSPONSORS(44), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)


Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Akin, W. Todd [MO-2] - 3/19/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Blunt, Roy [MO-7] - 3/24/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Burgess, Michael C. [TX-26] - 3/19/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep Deal, Nathan [GA-9] - 3/23/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Fleming, John [LA-4] - 3/18/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Franks, Trent [AZ-2] - 3/23/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Lummis, Cynthia M. [WY] - 3/19/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009
Rep Miller, Jeff [FL-1] - 3/24/2009
Rep Peterson, Collin C. [MN-7] - 3/19/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Platts, Todd Russell [PA-19] - 3/19/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Sessions, Pete [TX-32] - 3/23/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

 

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Update

COSPONSORS(49), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)


Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Akin, W. Todd [MO-2] - 3/19/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Blunt, Roy [MO-7] - 3/24/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Burgess, Michael C. [TX-26] - 3/19/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep Culberson, John Abney [TX-7] - 3/26/2009
Rep Deal, Nathan [GA-9] - 3/23/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Fleming, John [LA-4] - 3/18/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Franks, Trent [AZ-2] - 3/23/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Gingrey, Phil [GA-11] - 3/30/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Lummis, Cynthia M. [WY] - 3/19/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009
Rep Miller, Jeff [FL-1] - 3/24/2009
Rep Paulsen, Erik [MN-3] - 3/30/2009
Rep Peterson, Collin C. [MN-7] - 3/19/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Platts, Todd Russell [PA-19] - 3/19/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Sessions, Pete [TX-32] - 3/23/2009
Rep Stark, Fortney Pete [CA-13] - 3/26/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Terry, Lee [NE-2] - 3/30/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

 

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Update!

COSPONSORS(58), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)


Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Akin, W. Todd [MO-2] - 3/19/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Blunt, Roy [MO-7] - 3/24/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Burgess, Michael C. [TX-26] - 3/19/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Capito, Shelley Moore [WV-2] - 4/1/2009
Rep Carter, John R. [TX-31] - 3/31/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep Culberson, John Abney [TX-7] - 3/26/2009
Rep Deal, Nathan [GA-9] - 3/23/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Ellison, Keith [MN-5] - 4/1/2009
Rep Fallin, Mary [OK-5] - 4/2/2009
Rep Fleming, John [LA-4] - 3/18/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Franks, Trent [AZ-2] - 3/23/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Gingrey, Phil [GA-11] - 3/30/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Lummis, Cynthia M. [WY] - 3/19/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009
Rep Miller, Jeff [FL-1] - 3/24/2009
Rep Paulsen, Erik [MN-3] - 3/30/2009
Rep Peterson, Collin C. [MN-7] - 3/19/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Platts, Todd Russell [PA-19] - 3/19/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Sessions, Pete [TX-32] - 3/23/2009
Rep Slaughter, Louise McIntosh [NY-28] - 4/1/2009
Rep Smith, Lamar [TX-21] - 4/2/2009
Rep Stark, Fortney Pete [CA-13] - 3/26/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Terry, Lee [NE-2] - 3/30/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Waxman, Henry A. [CA-30] - 4/1/2009
Rep Westmoreland, Lynn A. [GA-3] - 4/2/2009
Rep Wittman, Robert J. [VA-1] - 4/1/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

 

[Mr Creedie]

Of course the Federal Reserve wants secrecy. They are part of a criminal organization. David Rockfeller and J P Morgan set up the Federal Reserve bank in 1913...
they both for the New World Order.

We need transparency from the Fed. But real change won't come until we end the Fed.

Freedom will prevail.

 

[Dugless206]

write your rep!


https://writerep.house.gov/writerep/welcome.shtml

 

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The Sonoma County Republican Party Supports HR 1207

On Wednesday, April 15th, the Sonoma County GOP held its monthly meeting. Sonoma County Republican Party support for Ron Paul's Federal Reserve Transpaency Act was up for a vote. The resolution of support for HR 1207 was introduced in March; but was postponed one month, in order for committee members to study and learn about HR 1207, to learn about the Federal Reserve.

We had some real opposition to this resolution. One committee member even wrote a 37 page essay on "Why Oppose HR 1207." It was a historical analysis of a national bank, loose money v. hard money, Jefferson, Jackson and Ron Paul. It was a propaganda piece, written with the intent to confuse the committee members. It was also a blatant attack on libertarianism. The fight was on and we had to win.

When the resolution of support for HR 1207 was up, I stood up and presented a case in favor of HR 1207 by simply providing everyone with the text of HR 1207 and the law regarding how the Federal Reserve is audited. Then I explained what the existing law is (with regards to auditting) and how HR 1207 would change it. There was long discussion; but well worth it. The resolution of support for HR 1207 received 57% of the vote.

5 Ron Paul Republicans in Sonoma County, introduced the Federal Reserve for discussion. After a month long debate, the Sonoma County Republican Party voted in favor of Ron Paul's Federal Reserve Transparency Act. These are exciting times!

Below, you will find the text of the resolution. (Thanks to Alameda County for getting the ball rolling. Who's next, huh?)

Sonoma County Republican Party Resolution of Support for HR 1207

Approved by committee voice vote on April 15th, 2009

Whereas, we, as Members of the Sonoma County Republican Party applaud transparency and accountability in government and reject government secrecy involving monetary policy that impacts the entire economy; and

Whereas, serious discussions of proposals to oversee and audit the Federal Reserve are long overdue; and

Whereas, the Federal Reserve can enter into agreements with foreign governments and foreign central banks and the United States Congress is prohibited from overseeing these agreements; and

Whereas, we, as Members of the Sonoma County Republican Party, believe agreements made by the Federal Reserve with foreign powers and foreign banking institutions should be subject to Congressional oversight; and

Whereas, the United States Constitution, gives the United States Congress the authority to coin Money and regulate the value thereof; and

Whereas, auditing the Federal Reserve will allow Congress to assert its constitutional authority over monetary policy and help to protect the value of the United States dollar;

Therefore, BE IT RESOLVED, that we, the Members of the Sonoma County Republican Party, in defense of the United States Constitution, STRONGLY URGE the representatives of the 111th United States Congress to support the Federal Reserve Transparency Act of 2009.

 

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Seeing Through the Federal Reserve

Anthony Gregory, Campaign for Liberty

Obama promised a transparent administration. But his incredible policy of bailouts and nationalizations hides behind a secretive agency.

The Federal Reserve, a central bank, runs monetary policy, sets interest rates, pumps liquidity into insolvent banks, buys and sells government securities, issues paper currency and controls the money supply. Since its founding in 1914, this very important banking monopoly has enjoyed unparalleled secrecy.

Unlike even the CIA, the Fed doesn't answer to a congressional committee, has no budget, and is never meaningfully audited. It meets behind closed doors. Transcripts are made public only after five years.

The Fed allegedly needs independence from politics. But as historian and economist Murray Rothbard wrote in The Case Against the Fed (1994):

"Government can only be accountable to the public and to its representatives in the legislature. . . . 'ndependent of politics' . . . can only mean that that sphere of government becomes an absolute self-perpetuating oligarchy, accountable to no one."

The big banks favor Fed secrecy. "[C]onsider any other private industry," Rothbard writes. "Wouldn't it be just a tad suspicious if, say, the insurance industry demanded unchecked power for their state regulators. . . ? houldn't we be very suspicious of the oddly cozy relationship between the banks and the Federal Reserve?"

Fed secrecy is a bigger danger than ever. "[T]he administration is making trillion dollar decisions relying on the Federal Reserve and a small Wall Street club of advisors, with no transparency or public accountability," writes the American Prospect's Robert Kuttner.

Kuttner writes that the Fed has become the administration's "unlegislated, all-purpose slush fund. Because the Fed's operations are largely beyond the reach of Congressional appropriations or scrutiny, the Fed can do whatever it wishes with its money. The Geithner plan was negotiated behind closed doors, the main players being the Fed, the FDIC, the Treasury, and power-brokers on Wall Street. What we have is something perilously close to a dictatorship of the Fed and the Treasury, acting in the interests of Wall Street."

In the past, those who criticized Fed secrecy were dismissed. Today the criticism is mainstream.

As of this writing, Ron Paul's (R-TX) proposed bill "The Federal Reserve Transparency Act of 2009" (HR 1207) has more than 60 cosponsors from both parties. Bernie Sanders (I-VT) has introduced identical legislation (S604) in the Senate.

Democracy should be open - not obscured in mystery. Now is the time to shine some light on this agency.

http://www.bailoutwatch.net/exchange/seeing-through-federal-reserve