By Drew Zahn
 U.S. Rep. Ron Paul, |
A bill calling for the comptroller general of the United States to audit the private Federal Reserve is gaining momentum in Washington, D.C., as more and more representatives add their names to its bipartisan support.
As WND reported, U.S. Rep. Ron Paul, R-Texas, introduced last month H.R. 1207, the Federal Reserve Transparency Act of 2009, a bill requiring that an audit of both the Fed's Board of Governors and the Federal Reserve Banks be completed and reported to Congress before the end of 2010.
Paul was joined at the time of introduction by 11 other Republican and Democratic co-sponsors.
Since its introduction, 17 additional U.S. representatives have added their names as co-sponsors, bringing the total to 29 legislators seeking the audit.
Rep. Paul has been a harsh critic of the Federal Reserve, even seeking to abolish the private money-control system, arguing that Congress should "reassert its constitutional authority over monetary policy."
The Constitution, Paul said, gives Congress, not the private Federal Reserve, "the authority to coin money and regulate the value of the currency."
Paul explained his advocacy for the H.R. 1207 audit in the U.S. House:
"Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar," the Texas Republican said. "Since 1913 the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy.
"How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation," he said.
Paul called oversight of the Fed "long overdue."
"Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations," he continued.
"The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government – established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight?"
Paul said H.R. 1207, which has been referred to the House Committee of Financial Services, would "achieve much-needed transparency of the Federal Reserve." Paul talked at the recent Conservative Political Action Conference, or CPAC, in Washington about his concerns regarding the Fed. A video is embedded here:
In his weekly online column, Paul also said the Founding Fathers intended "only gold and silver to be used as currency," but that long since has been abandoned in favor of a monetary system essentially orchestrated in secret.
"People are demanding answers and explanations for our economic malaise, and we should settle for nothing less than the whole truth on monetary policy," he said.
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