Audit Fed

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Since its inception in 1913, the Federal Reserve has helped to devalue our dollar by 95%. During the recent economic crisis, it has poured trillions of dollars into the economy with no oversight, made secret agreements with foreign banks and governments, and has refused to tell Congress who is getting the money or to give it the details of what deals are being made.

HR 1207, the "Audit the Fed bill," and S 604, its Senate companion, will demand full transparency from the Federal Reserve for the first time in history by removing all restrictions from Government Accountability Office (GAO) audits of the Fed and mandating an audit by the end of 2010.

Help turn up the heat on Congress and convince them to pass the "Audit the Fed" bill. Your petitions, e-mails, letters and phone calls have already made a huge impact, but more of your help is needed right away. Please take a few moments to tell your Congressman to support HR 1207, and urge your Senators to cosponsor S 604. Tools below make it quick and easy to make a difference today!

There are already 313 Cosponsors for HR 1207, and 30 cosponsors for S 604! You can view the list here, or begin your efforts by signing the online petition. A treasure trove of information on the Audit the Fed bill and stories can be found below.

1. Sign the HR 1207 Petition: Click here

2. Sign the S 604 Petition: Click here

3. Already signed the petitions? Now contact your Representatives! Click here

In this recent C4L update, Dr. Paul describes the Federal Reserve Transparency Act's growing momentum.	In this recent HR 1207 hearing, Dr. Tom Woods of the Mises Institute testifies on the importance of auditing the Federal Reserve.
Rep. Alan Grayson asks Inspector General Elizabeth Coleman about the trillions of dollars lent or spent by the Federal Reserve	In this recent House floor speech, Ron Paul explains that Federal Reserve transparency is in the public's interest.

About the Audit

The Federal Reserve, the unelected central bank of the U.S., enjoys a monopoly over the flow of our nation’s money and credit but has never been completely transparent and accountable to Congress since its creation in 1913.

Over its nearly 100 year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar while Congress has kept its hands off and its eyes closed. Since 1913, the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy.

During the current economic crisis, Congress, the Treasury, and the Fed have put us on the hook for over $12 trillion in bailouts and loans. This is in addition to our almost $12 trillion national debt. When testifying before Congress, Fed Chairman Ben Bernanke has refused to disclose which institutions have received trillions of dollars in these bailouts and loans or to give our representatives details about what deals are being made with foreign banks.

Although the Fed is currently audited by outside agencies, these audits are not thorough and do not include monetary policy decisions or agreements with foreign central banks and governments.

The crucial issue of Federal Reserve transparency requires an analysis of 31 USC 714, the section of US Code which establishes that the Federal Reserve may be audited by the Government Accountability Office (GAO), but which simultaneously severely restricts what the GAO may in fact audit. Essentially, the GAO is only allowed to audit check-processing, currency storage and shipments, and some regulatory and bank examination functions, etc. The most important matters, which directly affect the strength of the dollar and the health of the financial system, are immune from oversight.

Currently, the GAO is prohibited from auditing:
1. transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
2. deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations
3. transactions made under the direction of the Federal Open Market Committee; or
4. a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection of US Code.

The GAO is also prevented from conducting on-site examinations of banks or bank holding companies without the written consent of the appropriate regulatory agency.

HR 1207, The Federal Reserve Transparency Act, and S 604, The Federal Reserve Sunshine Act, would eliminate these restrictions and mandate a GAO audit of the Fed to be completed by the end of 2010, finally delivering answers to the American people about how our money is being spent.

Many politicians like to constantly laud the benefits of transparency but fail to turn their campaign rhetoric into results. With trillions of dollars and our nation’s monetary system at stake, the time to take action is now.

In less than six months since its introduction, every Republican and nearly one hundred Democrats in the House of Representatives have cosponsored HR 1207, and a growing bipartisan coalition in the Senate for S 604 illustrates that momentum for both bills shows no signs of slowing down.

By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, HR 1207 and S 604 would result in an historic level of transparency and accountability from the Federal Reserve.

Videos

Video Descriptions
1-8
1. Ron Paul on MSNBC - Sep 24, 2009
2. Ron Paul on Bloomberg - Sep 23, 2009
3. Petitions to Senators Roland Burris and Dick Durbin (IL) - Sep 19, 2009
4. March - Chicago, IL - Sep 16, 2009
5. NYC Activists on Russia Today - Sep 16, 2009
6. Rep. Alan Grayson Announces a Hearing - Sep 15, 2009
7. John Tate at Wash D.C. 9/12 March - Sep 14, 2009
8. Ron Paul on CNN American Morning - Sep 14, 2009
9-16
9. Petition gathering in Detroit - Sep 13, 2009
10. Part II
11. Adam Kokesh (Russia Today) - Aug 4, 2009
12. Sen. Merkley (D-OR) at Townhall - Aug 1, 2009
13. Ron Paul on MSNBC - Jul 22, 2009
14. Michele Bachmann on Kudlow - Jul 13, 2009
15. Ron Paul on Reuters - Jul 9, 2009
16. Tom Woods - Jun 19, 2009
17-24
17. Rep. Mark Kirk (IL-10) - Jun 13, 2009
18. Ron Paul on the Alex Jones Show - Jun 10, 2009
19. Part II
20. Ron Paul on the Rachel Maddow Show - May 5, 2009
21. Ron Paul Questions Bernanke - May 5, 2009
22. Petitions to John Barrow (Augusta, GA) - Apr 29, 2009
23. Dr. Rand Paul at Rally in Minnesota - Apr 25, 2009
24. Petitions to Rep. Betsey Markey (CO) - Apr 29, 2009
25-27
25. Petitions to Congressman Jim Cooper (TN) - Apr 28, 2009
26. Petitions to Rep. Baron Hill (Bloomington, IN) - Apr 28, 2009
27. Protest (Bloomington, IN) - Apr 16, 2009