First, some good news!
This is a big step forward for Fed transparency, but it's not a victory . . .
* the Fed may take the case to the Supreme Court
* and this ruling covers only a portion of the Fed's activities
* only Congress can force a full audit of the Fed
And now, the bad news . . .
Sen. Chris Dodd wants to INCREASE the powers of the Federal Reserve, without auditing it first!
Let's stop him! Please send a letter demanding that Congress pass the Audit the Fed bill.
You may borrow from or copy the following letter . . .
I am very impatient with the hold-up of the Audit the Fed bill . . .
* The House version (H.R. 1207) has 319 co-sponsors
* The Senate version (S. 604) has 32 co-sponsors
* And 75% of the American people favor a Fed audit http://tinyurl.com/lbg22y
This popular bill should have passed long ago!
Instead, the House attached it to a horrible financial regulation bill. And now Chris Dodd has stripped it from the Senate version.
Worse, Dodd's bill expands the Fed's powers. The Fed would . . . http://www.reuters.com/article/idUSTRE62D1YI20100315
* have power to break up big firms
* gain authority over the nation's largest bank-holding companies
* and host a new "consumer protection" agency
I have no faith in the Fed's ability to protect our money. The unelected policymakers of the Fed are responsible for the boom-and-bust cycle and our current depression. It makes more sense to abolish the Fed than to expand its powers!
But the least Congress could do is demand an audit.
Passing the Audit the Fed bill . . .
* will NOT undermine the Fed's independence
* but WILL expose incompetence and corruption
* and bring greater transparency and accountability to government
Politically, this should be a no-brainer for you. I demand that you pass Audit the Fed as a stand-alone bill.
Thank you for being a DC Downsizer.