Tuesday, May 26, 2009

Auditing the Federal Reserve

I like Rep. Ron Paul for many reasons even if I didn't vote for him for President. He is great for getting us back to the Constitution and the freedom found there. I wouldn't mind if he ran for Governor of Texas, but my husband's counter is "but who would fill his place in the House?"

Anyway, he has a bill in the House that is gaining support. It is a bill (HR 1207 or the Federal Reserve Transparency Act of 2009) that would require the Comptroller General to audit the Federal Reserve and have the report back to Congress by 2010. So far the bill has 179 co-sponsors my Rep. Kay Granger being one of them. It also has a companion bill in the Senate (S 604).

According to WorldNetDaily, Rep. Paul wrote in his "Straight Talk" column, "To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have," he wrote in a new Straight Talk commentary. "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."

Maybe if this law passes, it will open our eyes to the power the Federal Reserve has and what it has done with that power. I tend to distrust agencies that have little oversight or accountability. It makes me nervous how much money the Fed creates out of thin air. I think this law is a good thing and hope that it passes.

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