May 5, 2011
NEW INITIATIVE: Let's Really Audit the Fed This Time!
By James Wilson

On January 26, Representative Ron Paul again introduced legislation to audit the Fed. It now has 156 co-sponsors. Senator Rand Paul introduced an identical bill in the Senate. It has 3 co-sponsors.

To see the sponsors . . .

You may recall that this bill was derailed last year when it was inserted as an amendment to another bill. Now it's time to try again. Let's get a REAL audit of ALL the Fed's operations.

That's why I sent this letter to my representatives today. You may borrow from or copy it, or write one of your own . . .

I was sorely disappointed about what happened last year. The Federal Reserve Transparency Act was inserted into the Dodd-Frank phony "Financial Reform" bill. It was watered-down so much that it was nearly worthless . . .

* The audit of the Fed applied only from the time period of September, 2008 through December, 2010
* Although it required the Fed to open the books on its emergency lending programs, it prevented auditors "from peering into the agency's deliberations on setting interest rates and other elements of monetary policy." (

And yet, the Fed's monetary policy impacts more people more often than any other arm of the Federal State. As Rep. Ron Paul says  ( . . .

 "The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle and causes one financial bubble after another. Since the Fed's creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar."

Everything from the value of our savings to the price of gas is impacted by the Fed's monetary policy. We have the RIGHT to know how and why it implements its decisions.

Take note that I do NOT want an audit to lead to more political control of the Fed. Rather, I believe opening the Fed's books will show the American people how incompetent these central planners really are. The money supply and interest rates are too important to be left to either politicians or unelected bureaucrats.  These things can only be established through the decentralized forces of supply and demand.

Remember that last year . . .

* The Federal Reserve Transparency Act had overwhelming public support, but . . .
* Congress failed to pass it, and . . .
* Congress was then fired

Pass H.R. 459 in the House and S. 202 in the Senate as stand-alone bills. Do NOT water them down or add them to other bills.


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Jim Babka
President, Inc.

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