HR 1207 Federal Reserve Transparency Act of 2009
- by: Ron Paul
- recipient: Transparency of the Federal Reserve
A BILL
To 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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the Federal Reserve Transparency Act of 2009'.
SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) In General- Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after shall audit an agency and inserting a period.
(b) Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:
(e) Audit and Report of the Federal Reserve System-
(1) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.
(2) REPORT-
(A) REQUIRED- A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.
(B) CONTENTS- The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
Since its inception in 1913, The Federal Reserve System has reduced the value of our currency 95% through reckless creation of paper money and credit. Within the past twelve months, nearly $10 trillion of additional credit has been created. The Board of Governors of the Federal Reserve System releases details of its meetings and activities on its own time-table, if at all. Its monopoly over the flow of money and credit in our country has once again led us into preventable economic calamity.
Yet, the Federal Reserve has refused to tell the Congress and the citizens of the United States how it is spending our tax dollars as it arbitrarily bails out various companies and lends to other nations.
Therefore, I expect you to stand up to the intimidation of Ben Bernanke, the chairman of the Board of Governors of the Federal Reserve System. I expect you to demand that he relinquish the veil of secrecy and provide maximum transparency of the United States' monetary system.
Therefore, I expect you to vote in favor of Representative Ron Paul's Federal Reserve Transparency Act of 2009.
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