Grassroots Pressure Forces Hearing on Audit of the Fed
By Christopher J. Petherick
For over a decade, Rep. Ron Paul (R-Tex.) has been introducing legislation to audit the privately owned and controlled Federal Reserve, and every year it has been ignored—until now.
On September 25, his landmark bill will finally get an official hearing in the House Financial Services Committee. With 282 members of Congress—every House Republican and nearly half (104) of the Democrats—cosponsoring the measure, it looks promising the House could even pass the bill this year. But, whatever the measure’s final outcome in Congress may be, it is the army of grassroots supporters who deserve the real credit for getting the bill this far.
Following the collapse of economies around the world in the summer of 2008, Paul’s Federal Reserve Transparency Act of 2009 (H.R. 1207) received a tremendous boost. That’s because, with the central bank’s printing presses running day and night, churning out dollars, no one knows just how much the U.S. central bank has loaned or handed out to banks around the world. Fed officials have refused to disclose this—even while testifying under oath during congressional hearings.
Paul’s measure would change all of that by opening up the Fed’s various funding arms to congressional oversight and, more importantly, would allow an audit by the nonpartisan Government Accountability Office. The audit, which would eventually be made public, would probe all of the Fed’s operations involving both domestic and foreign banks.
Since Paul first introduced the 2009 version of the bill in February of this year, AFP has been regularly reporting on its progress. There can be no doubt that this newspaper’s efforts, along with the hard work of other grassroots groups, have paid off.
Even The Wall Street Journal was recently forced to concede that the real stars of the show are the army of American supporters, who not only want to get a look at the Fed’s books, but also close it down.
In its September 16 issue, the voice of Wall Street reported that activists across the country have refused to let this issue drop and have gone so far as to publicly call for an end to the Fed.
The Journal quoted Skip Cook, a roofing salesman from Little Rock, Ark., who has written to his local newspaper and representatives “incessantly” to get them to support the audit legislation.
“The outrage is so ripe for people to entertain this information,” Cook told the Journal. “Pain brings a lot of people into the auditorium.”
Even if the House passes the bill, it would still have to make its way through the Senate, where it faces tough resistance from powerful senators like Senate Banking Committee Chairman Chris Dodd (D-Conn.). There can be no doubt that the private mega-bankers, such as the Rothschilds, will never willingly hand over how the Fed’s internal operations work for their benefit.
Christopher Petherick is a journalist and publisher based in Maryland. For more information, see his website at www.brandywinehouse.us or write directly to BRANDYWINE HOUSE BOOKS AND MEDIA, P.O. Box 638, Cheltenham, MD 20623. Petherick encourages all readers with Internet access to sign up for AFP’s free weekly email newsletter. It’s loaded with house news and special offers available only to newsletter recipients and AFP web site users. See AmericanFreePress.net.
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(Issue # 40, October 5, 2009)