Ron Paul's Audit Fed Bill Gets Majority Support
 Tuesday, June 23rd, 2009  by Connie T.

Image via Justin

Texas Congressman Ron Paul drafted a Federal Reserve Transparency Act, HR 1207, that has now been cosponsored by a majority of members in the House of Representatives. The 218th cosponsor that gave the proposed bill House majority was Ohio Congressman Dennis Kucinich - fitting, really, since Kucinich was the fellow presidential candidate that, although of a different party, Ron Paul said most closely resembled his own political ideals. The number of cosponsors has now been bumped up to 237.

The Federal Reserve, aka The Fed and headed up by Ben Bernanke, is the central banking system of the United States that is part public, part private - it is composed of both government and private entities. Neither Congress nor the American people have complete oversight over the trillions of dollars the Fed controls. Paul's bill would demand accountability and complete disclosure for the money that flows from the Fed to businesses through audits and reports, to take the "secretive" aspect out of what Paul calls "the Fourth Branch of government."

"Some people don't think of them as part of the government because they're so secretive," Paul says. "But we created it, we can end it, we take no responsibility to supervise it, and look at what they're doing. We spend hundreds of billions, but the Fed deals in trillions, and they don't have any responsibility to tell us about it. So there's a lot of power there and it deserves looking at."


Agree or disagree? If you believe the Fed should be held accountable for their transactions, you can find out exactly how to ask your Representative to cosponsor this bill here. Either way, you can tell your Rep exactly how you feel by simply finding them here.

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