Saturday, June 6, 2009

The Federal Reserve Transparency Act of 2009

This is the bill the Federal Reserve wants to block:
Congress > Legislation BILL: H.R. 1207:111th Congress

The Federal Reserve Transparency Act of 2009

Congressman Paul stated to the Congress, "The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight?"
The Texas Republican said. "Since 1913 the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy...How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation,"

No comments:

Post a Comment