It looks like the wealth of Wall Street may have once again reared its ugly, favor-buying head. While 109 other U.S. House Representatives have co-sponsored H.R. 1207, none of NYC’s representatives have done the same. Could it be that Wall Street, which is just a few miles from all their districts, is pulling more than a few strings?
H.R. 1207 is named The Federal Reserve Transparency Act of 2009. It opens up America’s central bank for a meaningful audit for the first time in its entire history.
That’s right, the Fed has never been audited before. Ever.
If you’re thinking this is long overdue for an institution that controls the money supply and whether or not you can get a loan, you’re correct.
NYC and Long Island have six representatives sitting on the House Financial Services Committee, the committee in which H.R. 1207 was introduced. This means they were among the first House Reps to see this bill and they have still not signed on to the bill. It makes you wonder if Wall Street’s influence is making its way into New York’s congressional districts.
If you want to read more about why we need to Audit the Fed, please visit this page.
The biggest reason is the big banks’ ability to go to the Fed whenever they want easy access to money. If you’re upset about bailouts, you should be upset about the Fed since it was established back in 1913 for the sole purpose of bailing out Wall Street banks whenever they needed the money.
Another big reason is that if the Fed did have a hand in creating the current mess, only an Audit of its books will allow us to reveal the extent to which this happened. They’re sitting on evidence and we need to see it!
Which is why many big bankers and other well-connected Wall Street/Washington cronies would prefer the Fed continue operating without anyone being able to audit its activities. The big question for New Yorkers: is this the reason the following Congressmen have still not co-sponsored the bill?
Rep. Peter King
(202) 225-7896, (516) 541-4225
Rep. Carolyn McCarthy
(202) 225-7944, (516) 739-3008
Rep. Gary Ackerman
(202) 225-2601, (718) 423-2154
Rep. Gregory Meeks
(202) 225-3461, (718) 327-9791
Rep. Nydia Velázquez
(202) 225-2361, (718) 222-5819
Rep. Carolyn Maloney
(202) 225-7944, (212) 860-0606
Please call these public officials today. The Federal Reserve has the power to create money out of thin air. While there is a dispute among many economists about whether the Fed should have this power, one thing is clear: it should not be unchecked power. If the power to create money is left unchecked, there is no stopping the Fed or Washington from bailing out Wall Street time and time again.
But auditing the Fed will put a check on money creation. Once Americans see what’s going on behind closed doors, they’ll demand the Fed stop its continuous bailouts to Wall Street and stop destroying the value of the dollar!
