U.S. Congress - H.R.1207 Federal Reserve Transparency Act of 2009
H.R.1207 - Federal Reserve Transparency Act of 2009
To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes. view all titles (2)
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- Official: To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes. as introduced.
- Short: Federal Reserve Transparency Act of 2009 as introduced.
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Congressman Wright Patman attempted to investigate the Federal Reserve. He introduced a bill which would have authorized a full and independent audit of the System by the General Accounting Office. Patman claimed that the audit was essential to give the public's elected representatives complete and accurate information on the internal operations of the System, SINCE THEY HAD NOT BEEN AUDITED SINCE THEIR INCEPTION IN 1913.
Patman was frankly astonished by the opposition to his bill. He wrote: "Although I had anticipated that officials of the Federal Reserve System would vigorously oppose my bill, I am frankly amazed by the massive lobbying campaign now underway, to prevent enactment of the measure. This itself is further proof, if any is needed, that a thorough and independent audit...is an absolute necessity in the public interest."
Filtered Comment [show]
Of Course, there's a Massive Lobbying effort; the Fed creates all the Oil that greases the gears of Corruption--from Tel Aviv, to its Sibling cities of London, Frankfurt and Washington D.C...
These smug son of a guns need to get audited. They're the reason 700 Billion dollars was stolen for this BS bailout. I'd love to tell Greenspan and co. to stick it.
Congressman Patman did score a "small victory," however. The Congress passed his bill but attached an amendment that will limit the audit to administrative expenditures only, presumably the expense accounts of the executives of the System, the numbers of pencils purchased per employee, etc., hardly what Patman had in mind.
Later Congressman Patman, Chairman of the House Banking Committee, was removed from his Chairmanship after the elections of 1974, because, as one Congressman voting to remove him told one of his constituents, Patman was "too old."
Or maybe "too smart!"
-Ralph Epperson
Wright Patman (1893-1976) was a DEMOCRATIC representative from Texas, who served in the U.S. Congress from 1929 to his death on March 7, 1976. He was chairman of the House of Representatives Committee on Banking and Currency for 40 years. For 20 of those years, he introduced legislation to repeal the Federal Reserve Banking Act of 1913.
I applaud Congressman Paul's attempts at righting an injustice we have suffered in this country for 96 years.
It's about time someone audited these thieves. Do you know they only print the principle money that they loan. When you pay the interest up front it is impossible to pay the principle off without borrowing more money. When the government takes money from the Federal Reserve they give them bonds for collateral. Then they print more money using the bonds as an asset. They then lend this money out to the various banks. Don't you think it is reasonable for the taxpayer, when they have to bail the banks out of bad loans, to have the amount we owe the Federal Reserve reduced by the amount of the taxpayer bailout? It would be as if I borrowed $1000 from someone, gave them an IOU, then lost the money on a bad investment, then made them lend me $1000 to pay them back to find out that I now owe them $2000.
It's worse than that, and more simple: the fact of the matter is that the Fed charges interest on top of the principle borrowed. Concurrently, the principle is equal to the amount of money in the system, as the government requests money, and uses Treasury Bonds as collateral to collect it(as you mentioned). The Fed (and all banks in the Federal Reserve System) only keep an average of 90% of these deposits on hold, and then loan the rest out again to other borrowers, in effect inflating the currency by creating new money out of thin air, simply because there is a demand for the newly created funds. So, as debt is directly equal to the amount of money in the system, if we were to pay off the principle alone, not including interest, there would be no money in the system. So how does one pay off the interest? You don't, because you can't. The dollar is debt, and it can never be paid off so long as there is a bank making our money.
Audit them! And that's all I have to say about that!
This is long overdue. Lets hold this monopoly accountable!
Forget Obama, YOU are my President, Dr. Paul!
I don't see what's wrong with giving a BUSINESS the power to control how much our money is worth, or how much money they make in return on Interest from the money that BUSINESS prints for us! Seems like a very reasonable, and good idea... if you live in a mental institution.
but they live in places like Hyde Park NY on the Hudson. And always have.
Now we live in the mental institution for being such wusses for so many years
If this bill passes there may be a chance for every citizen to see who contols the government. If it does not then "reality" theroys will be shown as reality and not conspiracy.
What do you mean by "reality" theory? Also, what conspiracy are you referring to?
Just because it's a conspiracy theory doesn't make it incorrect, only a theory. Theories are ideas that have not quite been proven fact. True, some conspiracy theories are loopy, but any conspiracy theory serves a purpose: They are representations of the lack of trust one has for a government. For example, 9/11 was a conspiracy. The question of who conspired is what's up in the air. Some people believe it was conspired by the government. Others, like myself, believe the conspirators were foreigners who were upset with our "World Police" mentality.
What is a reality, is that the fed is without check. They can do whatever they please, as a separate branch of government, without adhering to the checks and balances system that the three branches are supposed to adhere to.
Sounds like a great idea to me, audit them, then begin dismantling them.
Federal Reserve is not a branch of the government. It is a private group of bankers.
They can still control the government. Look at the known, unquestioned power of lobbies. If you look at campaign promises of Bush and Obama vs. what they did and how identical the views of McCain and Obama are, it starts look like someone else is sure running the show.
Whoever controls money creation and lending has power. They are a branch of the government just by virtue of being their only source of money to run it.
I hope this passes but i know it never will.The federal reserve (world elite bankers) won't stop until they own everything even the air you breathe ..oh wait thats coming next with a carbon tax....wake up America!get rid of the fed !
ok, i know about yelling at our reps about supporting these bills, how can we get the committees the bills are referred to, to push the bills to a vote?
Write, fax or call the representatives on the House Financial Services Committee. Email probably won't work because most representatives now only accept emails from constituents. I tried writing several at their local offices over Easter break in the hopes that they would see the letters before going back to DC. Sending actual letters to their DC office is the worst option...the letters won't be seen for a couple of weeks because they need to be irradiated first.
There are now several members of this committee who are also cosponsors, so I think this is an approach worth trying. It's really up to the Committee to recommend the bill for full House consideration...so reaching them is important.
This needs to happen...this is wrong, and we need a right to fix it!
Filtered Comment [show]
Why shouldn't we be able to audit them? It is our money that is being used and allocated for this bailout and the Fed are printing money for the United States of America. There should be a way to check how OUR money is being used as well as a check system of the printing of money. If it is a truely transparent agenda we seek for thi administration this would definitely fall in with items that would need to be transparent. If we are not allowed to see an audit then maybe we should remove the right they have of being used by the United states as our money printers. We can legally print our own money as a nation. I believe that Lincoln did at one time didn't he? This is just being fair to the people in my opinion.
END the FED
Why has the Fed been able to do whatever they wanted? They basically control our economy. So why are they not voted in? They get appointed and no one watches what they do. Everyone in Washington is blaming everyone else for the economy crisis: Bush, corrupt corporations, housing. But no one is saying anything about the Fed. They hold as much responsibility as all the other ones. Audit them now!!
there are so many affronts on liberty these days, it can be difficult to decide where to focus one's attention; however, getting this bill passed would be a step in the right direction.
Things are getting way out of hand with our gov't. They are not listening. We have got to MAKE them hear us! Any suggestions? I write my congressmen almost daily and I get an automated response email or letter. I'm sick of this! Is anyone else as tired as I am? It seems that others are speaking out as well with no response. Our gov't officials are supposed to work for us! I am attending a 'TEA Party' on April 15th but who's to say that will work? I think we need a revolt! If everyone in America stopped paying taxes would they listen? I think they would have to! We could all claim married and 9 and then refuse to pay. I don't think that is unAmerican. I think it is revolution in its greatest, loudest form! What do you all think???? They can't arrest the entire nation! Can they?
They should pass a new bill GETTING RID OF THE FED