Support multiplying for scrutiny of nation's money controllers
By Chelsea Schilling
 U.S. Rep. Ron Paul, R-Texas |
A bill calling for the comptroller general of the United States to audit the private Federal Reserve is gaining widespread support in Congress, as 124 representatives have added their names to its growing list of co-sponsors.
As WND reported, U.S. Rep. Ron Paul, R-Texas, introduced in February 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 – but now that number has multiplied. Since its introduction, 113 additional U.S. representatives have added their names.
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.
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