The American Freedom Network

Letter to My Congressman, re: “Audit The Fed”

Dear Congressman:

HR 1207, which you co-sponsored, is in danger of being gutted of meaningful content. The “Audit the Fed” bill must require a full, complete audit of all fed activities, without the Fed itself being able to hide, delay or influence the process, if we are to have a meaningful audit, for the first time ever, of this de facto fourth branch of government. The Federal Reserve Board had a large part to play in last fall’s economic debacle; how much, and to what end, we will not know without shining the light of truth on its’ actions. The current Fed policy of creating money and credit out of thin air, in a vain effort to prop up the economy, will only create another, bigger bubble to replace the one in real estate that burst in 2007-8, which in turn replaced the bubble in tech stocks in the late 1990s, and so on. The misallocation of resources, which amounts to squandering money in the face of massive wealth destruction, is only going to postpone any meaningful recovery. As the principal architect of American monetary policy, the Fed ought to be under Congressional oversight, and HR 1207, as originally introduced (and as it was when you chose to step up and co-sponsor it), is essential to our exercise in self-government, just as it is to coming to grips with the specific policies undertaken by the Fed in the face of the ongoing crisis. Therefore, I urge you to insist that HR 1207 be read before the full Congress as originally introduced, and that it receive a roll call vote as soon as it can be scheduled. To do less would be to waste this opportunity to hold the Fed accountable for their actions, and would invite continued recklessness of the kind that got us into trouble in the first place. Respectfully,