SOCALHUSKER Posted April 23, 2009 Share Posted April 23, 2009 In these times of economic hardship, one thing I'm sure we all can agree on is the need for greater government accountability and transparency, especially when it comes to the use of taxpayer's money. While the citizens of this country are required by law to give an accounting of every penny they come in contact with, the Federal Reserve and its policies have never been held to the same standard. Yes, we only have ourselves and our elected Congress to blame for this blunder, and fortunately it can be rectified. Recently, news of Congress misallocating billions in TARP funds and bailed out CEO's receiving millions in bonuses caused quite an uproar and calls for greater transparency ran rampant throughout Washington. If the misallocation of millions and billions of dollars requires greater transparency, shouldn't we require the same for the Federal Reserve and its trillions? This can be done, and HR 1207 is a simple and cost effective way of doing it. In order to achieve this accountability, no new laws need to be written nor does it require additional funding. This transparency can be achieved by simply amending a previous law. Section 714, Title 31 of the United States Code calls for the Comptroller General to audit the Fed and other Federal Financial Institutions. Unfortunately, subsection B of the same code outlines the exceptions, and it just so happens all the exceptions are everything the Federal Reserve does. HR 1207, a bill to Audit the Fed, simply strikes the exceptions from the law and requires the Comptroller General to report the findings to Congress. Below is the text of the bill, which as of today has 79 cosponsors. If your representative is not a cosponsor, I encourage you to call or write and ask him or her to join. We pay the tab; we have a right to know where our money is going. To notify your representative find them HERE To track the bill and read the full text, click HERE If you are interested in helping spread the word about HR 1207, click HERE or HERE To learn more about how to promote and defend the great American principles of individual liberty, constitutional government, sound money, free markets, and a noninterventionist foreign policy, by means of educational and political activity, click HERE 111th CONGRESS 1st Session H. R. 1207 IN THE HOUSE OF REPRESENTATIVES A BILL 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ‘Federal Reserve Transparency Act of 2009’. SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. (a) In General- Subsection b of section 714 of title 31, United States Code, is amended by striking all after ‘shall audit an agency’ and inserting a period. b Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection: ‘(e) Audit and Report of the Federal Reserve System- ‘(1) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection b shall be completed before the end of 2010. ‘(2) REPORT- ‘(A) REQUIRED- A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it. B. CONTENTS- The report under subparagraph (A) shall 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.’ Link to comment
hosker Posted April 23, 2009 Share Posted April 23, 2009 awesome, i just emailed my congressman or woman... im going to steal your post and email to friends and family too. Link to comment
SOCALHUSKER Posted April 23, 2009 Author Share Posted April 23, 2009 awesome, i just emailed my congressman or woman... im going to steal your post and email to friends and family too. Awesome, have at it!! Link to comment
SOCALHUSKER Posted April 24, 2009 Author Share Posted April 24, 2009 84 cosponsors, keep up the good work!!! Link to comment
SOCALHUSKER Posted April 24, 2009 Author Share Posted April 24, 2009 88 cosponsors and counting. Link to comment
SOCALHUSKER Posted April 24, 2009 Author Share Posted April 24, 2009 91 cosponsors. If your representative is already a cosponsor be sure to thank him/her and urge them to fight for a roll call vote on this important legislation. Link to comment
hosker Posted April 24, 2009 Share Posted April 24, 2009 WOW!, glad to see this things gaining some momentum!!! Link to comment
SOCALHUSKER Posted April 24, 2009 Author Share Posted April 24, 2009 WOW!, glad to see this things gaining some momentum!!! Yeah, me too!! Has your rep contacted you back or what? Mine cosponsored on Tuesday, was a nice suprise since I've been pestering him about it since February when it was first introduced. I'm excited to see how many more climb aboard next week. Link to comment
hosker Posted April 24, 2009 Share Posted April 24, 2009 nope he hasn't, maybe ill send him another email Link to comment
SOCALHUSKER Posted April 24, 2009 Author Share Posted April 24, 2009 nope he hasn't, maybe ill send him another email I'd give him a call, that worked a lot better for me. Link to comment
hosker Posted April 25, 2009 Share Posted April 25, 2009 i sent him another email earlier.... im probably goin to end up calling him too. Link to comment
hosker Posted April 27, 2009 Share Posted April 27, 2009 i got a letter from him today, he said: "i share your desire for accountability and transparency with the Federal Reserve." it kinda brightened up my monday.... except i still have a killer headache. Link to comment
SOCALHUSKER Posted April 28, 2009 Author Share Posted April 28, 2009 i got a letter from him today, he said: "i share your desire for accountability and transparency with the Federal Reserve." it kinda brightened up my monday.... except i still have a killer headache. Man, hope your headache is better!! Did he cosponsor? Link to comment
hosker Posted April 29, 2009 Share Posted April 29, 2009 in the letter he didn't state exactly that he was going to, and so far i havent seen his name(adrian smith) on any "cosponsors" list. Link to comment
carlfense Posted April 29, 2009 Share Posted April 29, 2009 How many new governmental positions will have to be created to fulfill the requirements of 1207? Yet another layer of bureaucracy. It's sad when even the legislation that is designed to reduce waste requires increased spending. (I do think I support it although the provided text seems vague.) Link to comment
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