Tomorrow, the House Financial Services Committee will hold a hearing on bringing more transparency to the Federal Reserve. This comes after mounting support of a bill meant to shed light on the closely guarded operations of the institution responsible for the United States’ monetary policy.
Earlier this month, hundreds of thousands of petitions were delivered to lawmakers’ offices urging them to cosponsor S 604, The Federal Reserve Sunshine Act, the Senate version of The Federal Reserve Transparency Act, HR 1207, introduced by Congressman Ron Paul, which is now sponsored by over two thirds of the House of Representatives.
“While the Fed has partnered with Congress, the president, and the Treasury Department to put us on the hook for almost $13 trillion in bailouts and loans, it has refused to release the details about which institutions are receiving our money,” says John Tate, President of Campaign For Liberty. “The Fed is one of Washington's most secretive institutions, and it has successfully dodged attempts time and again that would have required greater transparency.”
Congressional hearings on the Fed’s transparency are seen as a significant victory for the “Audit the Fed” movement. Throughout its nearly one hundred year existence, the Federal Reserve’s monetary practices have never been seriously scrutinized. Among those expected to testify at Friday’s hearing is Thomas E. Woods, PhD., author of a book on the reasons for the recent financial collapse, as well as several other books on American history.
For more information on monetary policy go to www.CampaignForLiberty.com.
Contacts:
Campaign For Liberty
Gary Howard, 703-865-7162 x109
