Posted on 05/17/2009 11:07:42 AM PDT by GoldStandard
The Federal Reserve System was created in 1913 by President Woodrow Wilson and Congress. The Fed, as it is known, is a semi-public agency that serves as the central hub of our banking system.
The Fed's original mission was to regulate monetary policy in the United States, meaning that it would restrict and loosen the supply of money in circulation. Its objective was to achieve stable prices and maximum employment.
The Fed does this by setting interest rates. These rates impact the interest that Americans pay on our mortgages and car loans, for example.
Today, the scope of the Fed's responsibilities is much larger. It is the agency most responsible for overseeing our financial markets. The Fed may soon take on the role of the "systemic risk" regulator for America's financial system.
However, our laws have not kept pace with the Fed's expanded use of power. Therefore, very little information about its activities is disclosed to Congress and the American people.
That's why I recently agreed to co-sponsor legislation known as the Federal Reserve Transparency Act. This bill, written by Congressman Ron Paul (R-Texas, 14th District), eliminates restrictions on audits of the Federal Reserve by the Government Accountability Office and subjects the Fed's operations to greater scrutiny.
By the end of 2010, the Comptroller General would complete an audit of the Federal Reserve and report its findings to Congress and the American people.
The bigger our government grows, the more oversight and transparency are needed to keep it honest — and accountable to taxpayers.
The fed needs to be abolished. Thats the solution.
Congressional accountability?
THIS Congress?
BWAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!
I want Congress to hold The Fed to the same level of accuntability that Congress holds itself to.
Errrrrrr......wait a minute.....
You’ve all seen this one, right?
It’s called “Who’s minding the store at the Fed...?”
http://www.youtube.com/watch?v=PXlxBeAvsB8
hear hear!!!
>>Congressional accountability?
THIS Congress?
BWAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!<<
They dare not — every time thy investigate ANYTHING, the results will show it is the democrats who caused the problem.
Abolishing the Fed without returning to a hard gold standard would simply put the Congress in charge of the creation of money and credit. Much better to have the corrupt money center bankers in charge than to put the politicians in charge. This is so obvious it needs no explanation, but considering only the relative stupidity of the parties involved is enough to cast one's lot with the banksters.
Now I like a good conspiracy theory as much or more than the next guy. But the reason the Fed was created as a quasi-private entity was specifically to avoid the catastrophe described above. It is no more complicated than that.
And for the record, I like Ron Paul.
You are right. It would have to be phased out.
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