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At this point, returning monetary policy to the Congress might not be such a bad idea. It's not as if the results would be that different, IMO.
The Federal Reserve Transparency Act.
Write him or her.
http://www.govtrack.us/congress/bill...07&tab=summary
Federal Reserve Transparency Act of 2009 - Repeals the authority of the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.)
Directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.
Don't hate America. Do the right thing.
At this point, returning monetary policy to the Congress might not be such a bad idea. It's not as if the results would be that different, IMO.
It's not doing that per se, but come on, the Fed are a bunch of unelected capitalist/economists who have never gone through a real audit since its existence.
I don't know why the US people think that every negative drawback about humans in power applies to every organization known to human history except The Federal Reserve. It's Idiocracy at its best.
Is that it? How about annual or bi-annual investigation and report?
Perhaps the Federal Reserve Act itself needs to be rewritten and the president free to hire and fire the Fed Chairman.
END THE FED
Every time I write my congressmen they do what the they want to do, and the response is always some crappy form letter. All writing to my Congressional representatives and senators has ever done is fill the spam folder of my email account.
Audit the Fed, Then End It!
by Ron Paul
I have been very pleased with the progress of my legislation, HR 1207, which calls for a complete audit of the Federal Reserve and removes many significant barriers towards transparency of our monetary system. This bill now has nearly 170 cosponsors, with support from both Republicans and Democrats. Senator Bernie Sanders has introduced a companion bill in the Senate S 604, which will hopefully begin to gain momentum as well. I am very encouraged to see so many of my colleagues in Congress stand with me for greater transparency in government.
Some have begun to push back against this bill, and I am very happy to address their concerns.
The main argument seems to be that Congressional oversight over the Fed is government interference in the free market. This argument shows a misunderstanding of what a free market really is. Fundamentally, you cannot defend the Federal Reserve and the free market at the same time. The Fed negates the very foundation of a free market by artificially manipulating the price and supply of money – the lifeblood of the economy. In a free market, interest rates, like the price of any other consumer good, are decentralized and set by the market. The only legitimate, Cons utional role of government in monetary policy is to protect the integrity of the monetary unit and defend against counterfeiters.
Instead, Congress has abdicated this responsibility to a cabal of elite, quasi-governmental banks who, instead of stabilizing the economy, have destabilized it. It took less than two decades for the Federal Reserve to bring on the Great Depression of the 1930’s. It has also inflated away the value of our currency by over 96 percent since its inception. It has invisibly stolen from the poor and given to the rich through this controlled inflation, and now openly stolen through recent bank bailouts. It has predictably exacerbated the very problems it was meant to solve.
Detractors have also argued that the Fed must remain immune from the political process, and that that more congressional oversight would distort their very important decisions. On the contrary, the Federal Reserve is already heavily entrenched in the political process, as the Fed chairman is a political appointee. High-level officials routinely make the rounds between positions at the Fed, member banks, Treasury and back again, taking care of friends and each other along the way.
As far as the foolishness of placing complex monetary policy decisions in the hands of politicians – I couldn’t agree more. No politician or central banker, no matter how brilliant, is smart enough to know more than the market itself. The failure of central economic planning has been witnessed over and over. It is frankly beyond me why we ever agreed to try it again.
To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have. 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. Thus the loudest arguments against greater transparency are likely to come from those friends, and understandably so.
However, it is the responsibility of every member of Congress to represent the interests of the people that sent them to Washington and find out what has been happening with our money. As the branch of government with the power of the purse, we really have no other reasonable choice when the economy is in the shape it is in.
Andrew Jackson on a centralized bank note.
God Bless America.
From what I've read, HR 1207 is basically a watered down, less ambitious version of the End The Fed bill Paul's been pushing forever.
Damn, aint that the truth. As an aside, I donated to Ron Paul's campaign...nothing will ever drag money out from my wallet again. Between the spam emails and mailers, its more a regret than anything else.
...still, Im writing my reps in both houses.
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