The Audit the Fed bill proposed by Texas Republican Congressman Ron Paul,H.R. 459, passed through Congress overwhelmingly with a vote of 327 to 98. Congress members are elected by us and are supposed to serve our interests and what we want. So, I would tend to think that the majority of Americans support Auditing our National Bank. Harry Reid is planning on blocking the bill from ever getting voted on but why? This petition is not to end the fed or to even pass the bill, we just think that with such overwhelming support from Congress the bill should have a fair and square chance in the Senate. That is, unless Harry Reid doesn't have the interests of the people in mind?
"This bill would ... jeopardize the Fed's independence by subjecting its decisions on interest rates and monetary policy to GAO audit," said House Minority Whip Steny Hoyer, a Democrat from Maryland. "I agree with Chairman Bernanke that congressional review of the Fed's monetary policy decisions would be a 'nightmare scenario,' especially judging by the track record of this Congress when it comes to governing effectively."
The only problem with Whip Steny Hoyer's statement is the Constitution of the United States says that Congress has the power, "To coin money, regulate the value thereof, and of foreign Coin, and fix the Standard of Weights and Measures." The Federal Reserve has been operating INDEPENDENTLY of Congress for years. Even the partial audit revealed bailouts that we the people, nor Congress knew anything about. We can all agree that Congress isn't always the most effective when it comes to debates, however it is their JOB to regulate the value of our money, NOT the Federal Reserve. If the Federal Reserve is to survive and remain our national central bank they need FULL transparency and FULL accountability. That is what the Audit the Fed bill is all about, accountability and transparency, not eliminating or closing the Federal Reserve at this time. That is why Harry Reid needs to allow this bill to be brought to the floor, otherwise he is preventing the Congress from doing their job and also ignoring the United States Constitution as well as keeping the American public in the dark about our central bank.
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