DownsizeDC.org
October 27, 2009
Audit the Federal Reserve: Do you prefer a real audit, or a fake one?
By Jim Babka

We're pleased to welcome BJ Lawson to the pages of the Downsizer-Dispatch as a Commentator.

Here's BJ's first call to action . . .

Your success promoting the Audit the Fed bills has scared the banking cartel into offering a fake alternative, the so-called Federal Reserve Accountability Act (S 1803).

Please send Congress a letter opposing S 1803, and favoring the real Audit the Fed bill, S 604.

You can use my letter to Congress as a guide to your own . . .

I want my Senators to oppose S 1803, and support S 604 instead. I also want my House Rep. to reject any attempt to foster a bill similar to S 1803 in that chamber.

S 604 would perform a real audit of the Federal Reserve, but S 1803, the so-called Federal Reserve Accountability Act, would actually help the Fed avoid accountability! It would . . .

* Severely limit the scope of any audit,
* Set unreasonable time-frames that will delay or postpone certain audits indefinitely,
* Permit some audits to be performed only one year after a program has been terminated.

Give me a break!

It should be perfectly obvious to any reasonable person that active Federal Reserve programs need the most accountability. And what about programs that are never terminated? Focusing audits on terminated programs is like closing the proverbial barn door after the cow is gone, while giving on-going programs a permanent pass.

Frankly, it seems to me that S 1803 is a fraud designed to preserve the status quo while fooling some Americans into thinking you've enacted a real reform. Where did this idea come from anyway? The banking lobby?

You politicians constantly claim that citizens who aren't doing anything wrong have nothing to fear from their government. Well, if the Federal Reserve isn't doing anything wrong then it too has nothing to fear. S 1803 actually enhances my suspicion that the Federal Reserve is probably doing lots of bad things!

The cure for this is transparency.

The self-serving political claim that Federal Reserve transparency would disrupt the financial markets is simply wrong. Financial markets require honesty and transparency for the efficient allocation of capital, and for systemic stability. The lack of transparency for Federal Reserve actions is actually the source of market disruption, and creates constant chaos in our international financial relationships.

Please audit the Fed! And make sure it's a real audit, not a fake one.

Believe me, I'm paying close attention to how you represent me.

END OF SAMPLE LETTER

You can send your letter to Congress using the DownsizeDC.org Educate the Powerful System.

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    * Contribute so we can reach more people

Dr. William (B.J.) Lawson
Commentator
DownsizeDC.org, Inc.

Blog commenting is currently under construction. In the meantime, you can send an email if there's something you'd like to tell us.

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