You are on page 1of 1

that fund Fed facilities allow the Treasury to funnel money to Wall Street

What is HR 1207? without GAO or Congressional oversight. Additional funding facilities, such as
the Primary Dealer Credit Facility and the Term Securities Lending Facility,
Recently, it has come to light that there is little to no accountability to the people allow the Fed to keep financial asset prices artificially inflated and subsidize
on the part of the Federal Reserve. While the citizens of this country are poorly performing financial firms.
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 The Federal Reserve Transparency Act would eliminate restrictions on GAO
of extreme economic crisis, the people deserve an accounting of where our audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We
money is going. hear officials constantly lauding the benefits of transparency and especially
bemoaning the opacity of the Fed, its monetary policy, and its funding facilities.
Throughout its nearly 100-year history, the Federal Reserve has presided over By opening all Fed operations to a GAO audit and calling for such an audit to be
the near-complete destruction of the United States dollar. Since 1913 the dollar completed by the end of 2010, the Federal Reserve Transparency Act would
has lost over 95% of its purchasing power, aided and abetted by the Federal achieve much-needed transparency of the Federal Reserve.
Reserve's loose monetary policy. We can not allow Congress to stand idly by
while hard-working Americans see their savings eaten away by inflation! Only Currently there are 58 co-sponsors for this legislation, and it is enjoying bi-
big-spending politicians and politically favored bankers benefit from inflation. partisan support. Your Congressman's efforts in supporting this important
legislation would go a long way in proving they not only hold the Federal
Serious discussion of proposals to oversee the Federal Reserve is long overdue. Reserve to the same standard as they do to their constituents, but it would also
We should all be proponents of more effective oversight and auditing of the Fed. show that he/she believes in transparency. Anything less than co sponsoring
support for this resolution suggests that your Congressman is in favor of secrecy
Since its inception, the Federal Reserve has always operated in the shadows, and a lack of accountability to the people who pay the bills. We pay the tab; we
without sufficient scrutiny or oversight of its operations. While the conventional have a right to know where our money is going.
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 Unlike recent bills that your Congressman has voted in favor of that had
you question the Fed about the strength of the dollar, they will refer you to the hundreds of pages and just a few hours to read, this bill can be read in under 5
Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the minutes.
privileges of government agencies, while retaining benefits of private
organizations, such as being insulated from Freedom of Information Act
requests. Congressman _________________ said he/she
will NOT co-sponsor this bill!
The Federal Reserve can enter into agreements with foreign central banks and
foreign governments, and the GAO is prohibited from auditing or even seeing Hold his/her feet to the transparency fire! Approach your
these agreements. Why should a government-established agency, whose police Congressman today and demand that he/she co-sponsor this bill immediately.
force has federal law enforcement powers, and whose notes have legal tender Simply voting for it if it happens to comes to the floor is not good enough. This
status in this country, be allowed to enter into agreements with foreign powers bill must be co-sponsored by as many of our Representatives as possible.
and foreign banking institutions with no oversight? Particularly when hundreds
of billions of dollars of currency swaps have been announced and implemented, We need more government transparency!
the Fed’s negotiations with the European Central Bank, the Bank of Please join our fight at
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. and
More importantly, the Fed’s funding facilities and its agreements with the
Treasury should be reviewed. The Treasury’s supplementary financing accounts