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UPDATE (7/19): House Republicans have just announced that "Audit the Fed" will be voted on in the House of Representatives on July 24, 25, or 26.
Since its creation in 1913, the Federal Reserve has been responsible for the 95% loss in value of the U.S. dollar. In this economic crisis, the Fed has been responsible for over $14 trillion in bailouts and loans to undisclosed institutions, and it has participated in bailouts of foreign central banks and governments to the tune of $16 trillion.
And while the American taxpayers have been footing the bill for all these bailouts and loans, the Fed insists that it can’t (or won’t) disclose any details.
It’s time for the secrecy to stop.
While the Fed is currently somewhat reviewed by outside agencies, and was subject to a GAO audit in 2010, it has never been forced to a thorough and complete audit of all its monetary policy decisions, lending practices, and foreign financial agreements.
In this economic crisis, allowing the Federal Reserve to make reckless monetary decisions in almost complete secrecy can only lead to inflation, abuse, and further economic turmoil.
Rep. Ron Paul’s Federal Reserve Transparency Act of 2011, introduced in the Senate by Senator Rand Paul, would remove the barriers on the GAO and subject the Federal Reserve to a full and thorough audit.
Though the bills have been in committee for over a year, the time to act is now. House Majority Leader Eric Cantor recently announced his intentions to bring the Audit the Fed bill to a floor vote in July, meaning the Committee on Oversight and Government Reform (where the bill has been stalled since January 2011) will begin to take action as early as this week.
In order to make sure the Fed is held accountable to the American taxpayers, the Federal Reserve Transparency Act of 2011 should have as much Congressional support as possible. Though there are already 243 co-sponsors in the House and 20 in the Senate, Americans should encourage their representatives to join their colleagues in the movement for transparency and accountability. When the House bill has 290 co-sponsors, and the Senate bill has 67 cosponsors -- i.e., two-thirds of both chambers -- it will have enough support to override a Presidential veto.
Four out of five Americans support an audit of the Fed. It’s clear that this financial irresponsibility and mismanagement can go unchecked no longer.
Cosponsorship update: As of June 19th, H.R.459 had 245 cosponsors, or 56 percent of House Members.
Cosponsorship update: As of July 4th, H.R.459 had 263 cosponsors, or 60 percent of House Members.
Cosponsorship update: As of July 18th, H.R.459 had 273 cosponsors, or 63 percent of House Members.
Floor timing: We expect the House to vote on H.R.459 on July 24, 25, or 26, 2012.
TAKE ACTION: Urge your Senators and Representatives today to join their colleagues in cosponsoring the Audit the Fed bills H.R.459 and S.202. Help us get to 290 House cosponsors in the House and 67 cosponsors in the Senate, to send a strong message to the President: It's time to Audit the Fed!