4:19 PM EDT, July 27, 2012
The U.S. House of Representatives recently passed a bill to audit the Federal Reserve Bank (the Fed). The Fed is a private entity authorized by Congress in 1913 to control the nation's monetary system, an extremely powerful function. That the Fed, whose function is critical to our nation's economy, is accountable to no one — neither Congress, the president, nor the American citizens — is unacceptable.
Opponents of a Fed audit claim that an audit would interfere with the Fed's independence. That argument doesn't fly. It's time to "look under the hood" of this organization and find out just whose interests are being served. Transparency is needed now.
Americans overwhelmingly support a Fed audit and the recent bill passed with bipartisan support. Yet Senate leader Harry Reid won't bring it up for a Senate vote. Everyone should call on Congress to keep the pressure on Reid to bring this bill up for a vote, and for its passage.
Henry Ford said: "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
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