It won’t be the first time I write it, nor likely the last. But Republican officials in Washington D.C. cannot hope to return to power simply by pointing out that they aren’t as socialist as the Democrats. A vital piece of a successful 2010 and beyond involves the need to unite aggressively behind an affirmative platform of fiscally responsible government reform.
Robert Romano on the Americans for Liberty blog brings our attention to a specific bill that represents a golden opportunity to do right by the taxpayer:
Most of the financial bailouts have been conducted by the Federal Reserve, and on February 26th, Congressman Ron Paul introduced the legislation that would require an audit of the Federal Reserve Board of Governors and the Federal Reserve Banks. Recent efforts at providing a clear insightâ€”and oversightâ€”have met with a stiff arm and stone wall. And thereâ€™s a reason why.
It meets in secret. Its ledger is secret. The member banksâ€™ operations are a secret. Nonetheless, it wields vastly inordinate power over the nationâ€™s monetary policy. It alone can fix interest rates. And now its role has recently dramatically expanded as the Fed directly purchases mortgage securities, treasuries, and other bonds, as noted yesterday in the Wall Street Journal. These actions all without the consent of the peopleâ€™s representatives in Congress.
The â€œFederal Reserve Transparency Act of 2009,â€ HR 1207 is necessary to ensure that American taxpayers finally have a full accounting of the Fedâ€™s unaccountable, secret ledger that records trillions of federal dollars that have been kicked out the nationâ€™s back door.
It’s with good reason that government transparency is the buzzword of the day — especially now the timeliness and growing necessity to shine the light on the Federal Reserve.
But as Romano goes on to point out, 31 Republicans in the U.S. House have yet to sign on to HR 1207. Among those is Colorado’s own Congressman Mike Coffman. If you live in the 6th Congressional District, I encourage you to contact Coffman and ask him why he has yet to join the cause of Federal Reserve transparency.
Hopefully he is just taking the chance to look at the issue more closely.