HR 459: Fleischmann and Paul to “Audit the Fed”

Extremely good news coming out of DC today! Congressman Chuck Fleischmann has signed on with Ron Paul to audit the fed with bill HR 459.

The runaway fed is spending trillions of our tax dollars and for the most part the feds are largely unaccountable to that spending.

Let’s congratulate and call Chuck and Ron and let them know we are happy for this decision. Like all bills we must get more co-sponsors to make it stick. By Chuck signing on as well as others, it’s chances of survival are greater.

Call your Congressman now and let them know you want them to sign on to HR 459. An audit of the fed is way over due.

Pass this along to your email lists and get lots of attention drawn to this bill.

Email from Congressman Fleischmann:

During the 2008 financial crisis, the Federal Reserve Bank issued roughly $3.3 trillion in loans to failing investment banks, hedge funds, and other financial firms which are outside the mandate of the Fed.  In return, the Fed accepted undisclosed assets from their counterparties, many of which are no doubt toxic and have exposed the Fed to significant loss. It is clear that an audit of the Fed is badly needed, so I am pleased to join Rep. Ron Paul as a cosponsor of H.R. 459, the Federal Reserve Transparency Act.

Currently, the Fed is purchasing trillions in US debt and other securities in a practice called quantitative easing, thereby weakening the dollar.  Also, the Fed has lowered the dollar financing costs for European banks, potentially taking on European sovereign debt, which isn’t exactly the safest investment these days.  Both of these actions could significantly threaten the US economy, and expose taxpayers to bailouts.  Unfortunately, neither Congress nor the American public knows the extent of the Fed’s exposure.  An audit will change this, and bring the actions of the Fed out of the shadows and into the light of day.  It is long past time that we examine the Fed’s role in our financial system.
 
I look forward to supporting the Federal Reserve Transparency Act on the House floor, and I will continue to fight to make the Fed transparent and accountable to the American people.

Sincerely,

Chuck Fleischmann
Member of Congress