US Citizens take note: The politicians in this list voted AGAINST auditing the Federal Reserve

July 8, 2010 | Banking, Congress, Federal Reserve, Ron Paul, Sound Money

The following is a comprehensive list of all representatives that voted against an audit of the “Privately Owned” Federal Reserve Bank.

http://www.campaignforliberty.com/materials/HR1207-Shame-List.pdf

We feel that every representative should have stood in favor of this important legislation for several reasons.

The primary, and most basic reason being  that in the 97 years of its operation the Federal Reserve has NEVER been audited. EVER!

Do you think perhaps it is overdue? Especially in light of what has transpired with the economy in the last 24 months?

Can any of these representatives offer a valid reason for voting aginst this legislation? I dont think so, and we here at RTR have heard them all.

1. The most ridiculous being that it would disrupt operations and pose a risk to the recovery. What recovery? Most recently: Wells Fargo  laying off 2,800, Microsoft laying off 5,800, and the tens of thousands that have lost their jobs?

High unemployment, and a moribund housing market have increased risks to the U.S. economic recovery, while the public debt looms large and needs to be cut.

2. Investors were worried that greater political influence in the Fed’s operations, could weaken the central bank’s resolve to fight inflation in the future. Please note, the dollar has lost approximately 95% of it’s value since the Fed came into being in 1913. I think the Fed, based upon this fact, is losing it’s battle against inflation.

The U.S. House of Representatives had approved a bill in December of 2009 that included a provision, championed by Texas Representative Ron Paul, that would have opened the Fed’s dealings to audits much the same as agencies of the government. But in a statement on June 15 of this year, House Democrats participating in negotiations over a final financial reform bill signaled a willingness to live with a narrower Senate audit provision that does not cover monetary policy.

The Fed, which has admitted it was too complacent about regulatory oversight in the run-up to the global financial crisis, has come under heavy fire for being too close to the banks it regulates. So, in the end, the U.S. central bank appears to be emerging largely unscathed by the regulatory reform efforts. It successfully fought off a Senate push In May 2010, that would have stripped it of its oversight of smaller banks, and is poised to emerge as the most powerful financial regulator when reforms are complete.

If you agree with us that this legislation should have passed, then exercise your right in the next election cycle and vote out those who failed once again to do the right thing, and uphold their oath to defend, and protect the Constitution of the United States of America.