Ron Paul Wants To Audit Federal Reserve – HR1207 Would Make Fed More Transparent

Ron Paul Wants To Audit Federal Reserve – HR1207 Would Make Fed More Transparent

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(Best Syndication News) The unthinkable may happen, according to Ron Paul and his supporters; The Federal Reserve may be audited. This would be the first full audit in the Feds’ 96 year history.

The Federal Reserve was originally formed in 1913 by a vote of Congress in an effort to give large national banks control over the monetary system. In creating this nation’s third central bank, it was hoped that the Fed could prevent panics and depressions. The dissolution of the Second Bank of the United States was President Andrew Jackson’s biggest achievement. Jackson was nearly killed by an assassin’s bullet.

Ron Paul’s Bill, HR1207, will give the Comptroller General of the United States authority to audit the Federal Reserve. Dubbed the “Federal Reserve Transparency Act of 2009,” Paul says the act “would achieve much-needed transparency of the Federal Reserve”.

Over the past several months the Fed has pumped trillions into the banking system. Congress has asked for information concerning the transactions, with little response. The Bloomberg media organization sued the Federal Reserve to get a list of the recipients. Bloomberg was denied the information because the Fed is not a government agency and did not have to comply with the Freedom of Information Act.

Paul and his 28 cosponsors want the audit completed by the end of 2010. The audit will include a “detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”

Paul is not the first Congressman that has tried to grapple with the Federal Reserve. Former Banking Committee Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.

In the past he has not had much support for this cause. With the recent downturn in the economy and bailouts of the large Federal Reserve member banks, like JPMorgan Chase, Citigroup, Bank of America and Wells Fargo, other congressmen have taken an interest.

The Federal Reserve charges the government interest on the money they create. By law the Federal Reserve must pay the member banks a 6 percent dividend each year. Those member banks include BofA, JPMorgan Chase etc. The Treasury gets what is left over.

President Woodrow Wilson says the creation of the Federal Reserve was his biggest mistake. Here is a quote from the 28th President concerning the Federal Reserve: “"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world - no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”

By Dan Wilson

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