As HR 1207 gains momentum and co-sponsors in the House of Representatives, the Federal Reserve is planning to fight the tide calling for an audit of its books by hiring a veteran lobbyist to “manage its relations with Congress,” according to Reuters.
Robert Rubin, as secretary of the Treasury, recommended that Congress pass legislation to reform or repeal the Glass-Steagall Act of 1933, while Lawrence Summers in the same capacity organized the looting of Russia, stripping one trillion dollars from Russia’s struggling economy in the name of the bankers.
“Members of Congress have chafed at the Fed’s bold use of its emergency powers and in particular its multibillion-dollar bailouts of investment bank Bear Stearns and insurer American International Group,” Reuters continues. “Critics also bristle at the Fed’s practice of maintaining the confidentiality of the companies that borrow directly from the central bank on the grounds that divulging their names would risk runs on those institutions.”
One such critic is senator Bernie Sanders of Vermont. In March, Sanders put it squarely to Fed boss Bernanke when he said “My question to you is, will you tell the American people to whom you lent $2.2 trillion of their dollars?” Bernanke, of course, refused to divulge a single name and instead said the loans in question are “over-collateralized” and thus come with a heavy stigma for the unknown borrowers.
Sanders has put his weight behind a similar bill — S. 604, the Federal Reserve Sunshine Act of 2009. It was referred to the Committee on Banking, Housing, and Urban Affairs on March 16, 2009.
As reported by Bloomberg, the Fed has entered into trillions of dollars in off-balance sheet transactions since last September. More specifically, the Fed extended $9 trillion in credit, which is $30,000 for every single men, women, and child in this country.
Early last month, Elizabeth Coleman, Inspector General for the Federal Reserve, told Rep. Alan Grayson of the United States House Committee on Financial Services that she does “not have jurisdiction to directly go out and audit Reserve Bank activities specifically.” See a video of Grayson questioning Coleman.
“We’re getting instructions from on high saying, ‘Don’t dwell on the past,’” Grayson was told before a hearing scheduled to investigate the Fannie and Freddie swindle.
HR 1207 would put an end to this sort of hide-and-seek nonsense. It would “amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.”
Rep. Ron Paul notes that only the Fed can inflate the currency and create new money out of thin air in secrecy without oversight or supervision. “Debasing a currency is counterfeiting,” Paul told Congress in February, 2008, “it steals value from every dollar earned or saved. “It robs the people and makes them poorer… it is the enemy of the working person. Inflation is the most vicious and regressive of all forms of taxation. It transfers wealth from the middle class to the privileged rich.”
HR 1207 would cast a laser light on this criminal process. “By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve,” Paul explained earlier this year.
An audit would set the stage for the end of the Federal Reserve and a return of honest money and fiscal policies. The banksters behind the Fed understand this very well and that is why they have not only hired a PR wizard but also why they have attempted to subvert the End the Fed movement.
It is hardly a mistake that the MIAC report characterized the End the Fed movement as extremist. It is also no mistake the United States Army Reserve Command issued “mitigation measures” in response to End the Fed demonstrations around the country last year. The Army “established relationships” with local law enforcement and the FBI and encouraged them to “update alert rosters,” according to a Force Protection Advisory leaked to the media. On November 22, 2008, Alex Jones led a rally at the Federal Reserve Bank in Dallas Texas. The Dallas protest is specifically mentioned in the official Army document.
As HR 1207 picks up sponsors and gains critical mass, we can expect the international bankers to devise ways to protect their Federal Reserve racket. Obviously, it will take more than a former Enron and Treasury Department hack to stem the growing tide of people demanding the Fed be investigated and eventually dismantled.
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