Disgruntledpatriot's Blog

June 24, 2009

HR 1207: Federal Reserve Transparency Act of 2009

Filed under: Sick and Tired — Trever Bierschbach @ 8:08 am

Ok, let me start with a little background to give you an idea why this resolution is so important, and must be supported.  The Federal reserve is a private central bank that was created in 1913 by the Federal Reserve Act.  Some of the responsibilities of the Fed include:

  • Manage the country’s money supply to achieve maximum employment, moderate interest rates, and stable prices
  • Minimize banking panic in case of economic crisis
  • Balance private bank interests with government responsibilities by regulating banking institutions and protect credit rights of consumers
  • Maintain stability in the market and financial system
  • Provide financial services to institutions nationwide and around the world

and most recently

  • Control of which banks and institutions receive funding through the TAPR fund programs
  • Complete control to regulate companies it believes may threaten the country’s economy (Believe this is still proposed at this time, but it is coming.)

Now, sure that’s a lot of power, and they are run by a board appointed by the President of the United States, but would it surprise you to know that they have no government oversight?  They answer to no one.  A short, one-word answer from Ben Bernanke shows why this resolution is so important…

Senator Sanders: “Will you tell the American people to whom you lent $2.2 trillion of their dollars?”

Bernanke: “No”

No?  It is our tax dollars, your tax dollars and mine and he won’t tell us where they are going?  Well, at this point I can’t say I blame him, he doesn’t work for us.  The government does, and they gave our money to a private banking institution to give out to other private banking institutions, and no one is accountable, what a system!

Well, Representative Ron Paul (R-Tx) and many others want to change that with HR 1207.  The Bill is currently in committee and seems to have a lot of support, but we will see what happens when this very straight forward and simple bill gets all the bells and whistles that usually get added just so they can get enough votes to pass it.  I urge everyone to keep track of this, make sure your representatives are on board.  We the people must demand the accountability of those who are handling our money, our interest rates, and our financial lives.


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