Federal Reserve Accountability Act is an unacceptable compromise!
ALEXANDRIA, Virginia - October 21, 2009- Legislation that would bring a full audit of the Federal Reserve, Congressman Ron Paul's H.R.1207 and its Senate companion S.604 have gained strong grassroots support and built tremendous pressure on banking special interests.
Opponents of Fed Transparency argue that a full audit of the Federal Reserve would damage the central bank's independence and allow Congress to dictate monetary policy. They have introduced their own bill as an alternative - The Federal Reserve Accountability Act. However, this bill fails to allow for a comprehensive and independent audit of the Federal Reserve.
"Claims that transparency at the Federal Reserve would leave Congress in charge of monetary policy are simply bogus," said Jesse Benton, Senior VicePresident of Campaign for Liberty. "There is absolutely no reason why the American People should not be able to review the minutes of the Federal Open Market Committee after a reasonable amount of time has passed."
"The Federal Reserve Accountability Act does not audit the monetary policy functions which have been responsible for our deteriorating dollar and so many of our current economic problems, and it is not an acceptable piece of legislation. Campaign for Liberty will continue to push for a full audit of the Fed."
The announcement of the new legislation comes after the number of cosponsors in the House of Representatives for H.R.1207 recently climbed to 303, and S.604 gained 30 senate cosponsors. Campaign for Liberty has been leading the grassroots effort on H.R.1207, getting it to its current point with 75% of Amerikans showing support for a thorough audit of the Federal Reserve.
