Posted by Gary Howard on 10/20/09 4:26 PM Last updated 10/23/09 10:42 AM [Newer: Misdirected protest: Why protest the ABA? The Fed needs to be held accountable.] [Older: Tuesday: Time for a Counter Action]

Federal Reserve Accountability Act An Unacceptable Compromise

Washington D.C. October 20, 2009 -Today, Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) introduced the Federal Reserve Accountability Act S.1803, an attempted compromise on the issue of transparency for America's secretive central bank.  The bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, but would not allow Congress to review the Fed's inflation of the money supply or the its agreements with foreign central banks.

Legislation that would bring a full audit of the Fed, Congressman Ron Paul's H.R. 1207 and its Senate companion S. 604, has 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.

"Claims that transparency at the Federal Reserve would leave Congress in charge of monetary policy are simply bogus," said Jesse Benton, Senior Vice President 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 Americans showing support for a thorough audit of the Federal Reserve.

Posted 10/20/09 5:10 PM Bob Therina Saint Louis, MO

We've got 303 cosponsors!! Bring HR 1207 to the floor and let those pansy punks argue against it there!! They introduce another separate bill? Screw them?

Posted 10/20/09 5:26 PM RhysW ann arbor, MI

We knew this would happen. It's the opening salvo.

Posted 10/20/09 5:29 PM Heata Jonesborough, TN

Corker's horrible. I'm callin him RIGHT NOW! :D

Posted 10/20/09 5:52 PM robotsworld Long Island City, NY

Bombard Corker and Merkley and politely but sternly let them know we're not buying into this. http://corker.senate.gov/public/index.cfm?FuseAction=ContactInformation .ContactMe http://merkley.senate.gov/contact/

Posted 10/20/09 6:07 PM Scott Olver Orlando, FL

Agree. Bombarding works. Ask Rudy how miserable we can make a man. It's on.

Posted 10/20/09 6:17 PM JohnnyYuma61 Covington, TN

I sent Mr. Corker an e-mail letting him know that since he introduced a bill to "almost" Audit the Fed, that I would "almost" vote for him in the next election.

Posted 10/20/09 7:21 PM mulishatrooper89 whittier, CA

bull. what a bipartisan fellowship shows here is that both parties are insane in the membrane

Posted 10/20/09 7:51 PM BruceKoerber Cedar Rapids, IA

Who does the bidding of the unConstitutional coup? Senators Jeff Merkley (D-OR) and Bob Corker (R-TN). Who provides a smoke screen for the economic terrorists at the center of the unConstitutional coup? Senators Jeff Merkley (D-OR) and Bob Corker (R-TN). Who violates their oath to uphold the Constitution? Senators Jeff Merkley (D-OR) and Bob Corker (R-TN). Who is hoping that funny money from the power elite will win them re-election? Senators Jeff Merkley (D-OR) and Bob Corker (R-TN). Who needs to hear from everyone, everywhere that they are scorned? Senators Jeff Merkley (D-OR) and Bob Corker (R-TN).

Posted 10/20/09 8:19 PM BrendonDeMeo North Chelmsford, MA

http://our.gop.com/forums/default.aspx Any Ron Paul Republicans should let the GOP know what they think of Corker, and this bill.

Posted 10/20/09 8:39 PM BrendonDeMeo North Chelmsford, MA

http://our.gop.com/forums/Topic4247743-3720-1.aspx Join me here, any GOP'ers.

Posted 10/20/09 9:22 PM gehlm Mequon, WI

<a href="http://corker.senate.gov/public/index.cfm?FuseAction=Files.View&F ileStore_id=71bf8594-dcfd-41d3-a272-927624f32b88">Federal Reserve Accountability Act</a>

Posted 10/20/09 9:24 PM gehlm Mequon, WI

Federal Reserve Accountability Act (PDF) http://tinyurl.com/yhrcj39

Posted 10/20/09 11:56 PM gbozic Newhall, CA

I just went to these Senators' websites and contacted them with the following message. Please feel free to re-use change whatever you want but please contact these senators as well as your own. Here is is below: Senators Merkley and Corker, Your introduction of the "The Federal Reserve Accountability Act", is an attempted compromise on the issue of transparency for America's secretive central bank. Your bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, BUT would not allow Congress to review the Fed's inflation of the money supply or the its agreements with foreign central banks. Legislation that would bring a full audit of the Fed, Congressman Ron Paul's H.R. 1207 and its Senate companion S. 604, has 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? We the People are represented by our Congressman/Women and yes we should have some influence about the health of our currency and it's future - right? "Claims that transparency at the Federal Reserve would leave Congress in charge of monetary policy are simply bogus," said Jesse Benton, Senior Vice President 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 Americans showing support for a thorough audit of the Federal Reserve. Please explain why you would not want to fully disclose with a true transparency by dropping your proposal and endorsing Dr. Ron Paul's S 604 and HR 1207! S 604 and HR 1207 is truly supported by a tri-partisan support of Democrats, Independents, and Republicans alike. Please do the right thing for our Children’s and their Children’s, and their Children’s' future.

Posted 10/20/09 11:59 PM gbozic Newhall, CA

I just went to these Senators' websites and contacted them with the following message. Please feel free to re-use change whatever you want but please contact these senators as well as your own. Here is is below: Senators Merkley and Corker, Your introduction of the "The Federal Reserve Accountability Act", is an attempted compromise on the issue of transparency for America's secretive central bank. Your bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, BUT would not allow Congress to review the Fed's inflation of the money supply or the its agreements with foreign central banks. Legislation that would bring a full audit of the Fed, Congressman Ron Paul's H.R. 1207 and its Senate companion S. 604, has 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? We the People are represented by our Congressman/Women and yes we should have some influence about the health of our currency and it's future - right? "Claims that transparency at the Federal Reserve would leave Congress in charge of monetary policy are simply bogus," said Jesse Benton, Senior Vice President 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 Americans showing support for a thorough audit of the Federal Reserve. Please explain why you would not want to fully disclose with a true transparency by dropping your proposal and endorsing Dr. Ron Paul's S 604 and HR 1207! S 604 and HR 1207 is truly supported by a tri-partisan support of Democrats, Independents, and Republicans alike. Please do the right thing for our Children’s and their Children’s, and their Children’s' future.

Posted 10/21/09 12:01 AM BillNM Carlsbad, NM

I understand that we are attempting a little incremental progress where the FED is concerned, but I get a little annoyed with comments about congress not setting monetary policy, like it is the third rail in the argument. Didn't I read somewhere that congress shall coin money and regulate the value thereof? HR1207 may not address this issue, but if we finally succeed in getting rid of the FED, then, if not congress, who?

Posted 10/21/09 01:04 AM brentvannmorgan St. George, UT

agreed BillNM, I want congress to be responsible as the constitution states. Then at least if they make bad policy the people can vote in someone else. Congress should never have been allowed to hand over their responsibility to an unelected entity. Or we could just let an appointed puppet (Insert current fed chairmen) of the government do there bidding with no one to hold them accountable. (how is that better?)

Posted 10/21/09 05:35 AM matt butler Hilltop, MN

How stupid does the ruling elite think we are? Giving a kind-of solution is like being kind-of pregnant. It just doesn't work. If a bus was speeding towards you, you wouldn't kind-of move out of the way. You'd run like Hell. For the first 22 years and 11 months of my life, I virtually never got involved in politics. I had "more important" things to worry about. Here I am, 9 days before my 23rd birthday. I have sent dozens of emails in the past 2 days and will be making at least as many phone calls later on in this day. This IS the second Revolution, and the American people WILL win.

Posted 10/21/09 05:54 AM larry101 New York, NY

Good keep congress out of the monetary policy business

Posted 10/21/09 06:13 AM MichaelBarry Sebring, FL

There are already sufficient co-sponsors to bring both 1207 and 604 to the floor of House and Senate for debate and a vote. In the process, there will undoubtedly be amendments in the nature of substitutes...which will also be debated and voted upon. Trying to come up with a substitute behind closed doors is not the way the process is supposed to work.

Posted 10/21/09 06:40 AM Break your chains Byron, GA

Once again, they're dumbing it down for the American people. I'm not talking about the bill itself, I'm talking about the debate. Here are your choices sheeple: 1) A Federal Reserve acting autonomously in secrecy so that the 'experts' cannot be disrupted while manipulating the currency 2) A Congress full of politically motivated leeches who know nothing about economics, manipulating the currency We, members of the campaign for liberty, know that the ultimate goal is to have a currency that CANNOT BE MANIPULATED. Auditing the Fed is just the first step. We have a small window of opportunity; we have to be immediately ready and well-versed in our arguments for sound money once an audit of the Fed is underway. I agree with Corker and Merkley that Congress should not be in control of our money supply. But I strongly suspect their motivations behind that line of thinking are different than mine. It looks like they are trying to protect the Fed, and many folks see through it.

Posted 10/21/09 09:58 AM benpathfinder Selma, TX

I just called my senators and congressman to thank them for supporting HR 1207 and s 604. I urged them to continue to do what they can to make sure those bills make it to the floor and get passed in their current form without any watering down. For the senators, I also mentioned that s 1803 had been introduced yesterday and was along the same lines as these other bills but that it did not go far enough. I said that I hoped the senator would not cosponsor this other bill or help it to pass in any way as it leaves the monetary functions and deals with foreign central banks and governments out of reach. Hopefully, this will help a bit. I plan on calling more in the future to try and get a clearer picture of what my representative will vote for. I really don't have much experience doing this though. Any ideas how I might go about doing that?

Posted 10/21/09 11:59 AM BillNM Carlsbad, NM

I guess I need to understand what is meant by monetary policy. If congress performs its constitutional mandate to coin money and regulate the value thereof, are they engaging in monetary policy? If they define the dollar as 371.25 grains pure silver, is that monetary policy? If only silver and gold are to be used as money within the U.S., is that monetary policy? It doesn't seem that way to me. Now, if you have a fiat currency and legal tender laws, then you can have a monetary policy. And by its very nature that is anti-liberty. At one time in this country a wooden nickle good for one beer in Boston could be circulating in California. Of course, to really make a claim on it, you would have to go to Boston; hence the old saw, don't take any wooden nickles. So, when Dr. Paul talks about competing currencies, I assume he is talking about competing with the FRN. But, in a free system where there is no FRN and silver and gold trade unrestricted it seems to me that monetary policy is a non-issue.

Posted 10/21/09 1:25 PM sutphen Plano, TX

Does this bill have a number? I've looked for information on THOMAS and GovTrack and can't find anything. I want to read the text of the bill.

Posted 10/21/09 1:29 PM sutphen Plano, TX

Oops, never mind. Found it under S. 1803, "A bill to amend title 31, United States Code, to authorize reviews by the Comptroller General of the United States of emergency credit facilities established by the Board of Governors of the Federal Reserve System or any Federal Reserve bank, and for other purposes." No text available yet on GovTrack. It was referred to the Committee on Banking, Housing, and Urban Affairs. Senator Chris Dodd is the committee chair.

Posted 10/21/09 2:22 PM sutphen Plano, TX

Oops, never mind. Found it under S. 1803, "A bill to amend title 31, United States Code, to authorize reviews by the Comptroller General of the United States of emergency credit facilities established by the Board of Governors of the Federal Reserve System or any Federal Reserve bank, and for other purposes." No text available yet on GovTrack. It was referred to the Committee on Banking, Housing, and Urban Affairs. Senator Chris Dodd is the committee chair.