November 4, 2009
URGENT Audit the Fed "Gutted" Unless We Act Now
By James Wilson

Meet Rep. Mel Watt of North Carolina's 12th District. Rep. Watt chairs the House Financial Services monetary policy subcommittee. Commercial banks have been his largest career donor, giving a total of $319,822 over the past ten years.

That's just a little over $30,000 per year.

Clearly the banking lobby is satisfied with Mr. Watt's performance.

Last Friday, Rep. Ron Paul reported that our Federal Reserve Transparency Act (HR 1207) was "gutted" in Rep. Watt's subcommittee.

In defense of Rep. Watt, however, it's not totally his fault. His district is the most obviously gerrymandered in North Carolina, following I-85 like a snake from Charlotte to Winston Salem. It is overwhelmingly Democratic, and his re-election has never been seriously challenged. Why should he represent the people when he is electorally invincible?

While we may not be able to hold Rep. Watt accountable, we can fight back. His attempt to eviscerate HR 1207 must be approved by the full Financial Services committee.

We can block that approval, and restore the original bill. It is especially important that each member of the Financial Services committee hear from their constituents the clear message that Rep. Watt's proposed changes are unacceptable. And you must act now because . . .

The Committee could meet as soon as today (Wednesday).

Every Representative should receive a message. But if your Representative is on the Financial Services committee, they should also get a polite phone call from you.

Please review the list of committee members to see if your Representative serves on the Financial Services committee.

This  is what I wrote to one member of the Committee . . .

You may be aware that Rep. Mel Watt's subcommittee on monetary policy introduced changes to the Federal Reserve Transparency Act (HR 1207) that restrict inquiry around transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks, and staff.

These changes have the practical effect of killing the bill, and eliminating the transparency that our economy and financial markets require for stability and sustainable growth.

It is also clear that Rep. Watt does not fear for his re-election, given his willingness to put the narrow interests of the banking industry, his top donors over the last decade, above those of the American people. I'm hoping you will be more responsive to the people. 

HR 1207 has over 300 cosponsors in its ORIGINAL form. I trust you will use your influence to remove Rep. Watt's changes, and bring HR 1207 to a vote on the House floor in its original form.

I'm also sending a copy of this message to my two Senators so that they too will know how important this HR 1207 is to me.


You can send your letter to Congress using the Educate the Powerful System.

NOTE: In a video message, Ron Paul indicated that it is especially important that constituents contact the 13 Democrats on the Financial Services committee who already co-sponsored HR 1207, with a VERY polite reminder that you STILL want them to support the ORIGINAL bill, and to resist Mr. Watt's amendments.

For your convenience, here is that list . . .  

Rep. John Adler, NJ (202) 225-4765
Rep. Travis Childers, MS (202) 225-4306
Rep. Steve Driehaus, OH (202) 225-2216
Rep. Alan Grayson, FL (202) 225-2176
Rep. Rubén Hinojosa, TX (202) 225-2531
Rep. Suzanne Kosmas, FL (877) 956-7627
Rep. Dan Maffei, NY (202) 225-3701
Rep. Brad Miller, NC (202) 225-3032
Rep. Walt Minnick, ID (202) 225-6611
Rep. Ed Perlmutter, CO (202)-225-2645
Rep. David Scott, GA (202) 225-2939
Rep. Brad Sherman, CA (202) 225-5911
Rep. Jackie Speier, CA (202) 225-3531

Thank you for being a part of the growing Downsize DC Army,

Dr. William (B.J.) Lawson
Commentator, Inc.

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