Henderson, Nevada (PRWEB) June 16, 2012
The Beat Obama Committee is calling on its members to fax Congress in support of legislation to audit the Federal Reserve. Congressman Ron Paul of Texas is the original sponsor of HR 459, the Federal Reserve Transparency Act. Senator Rand Paul of Kentucky sponsored the companion legislation, S 202, in the Senate. The Act would repeal Congressional limitations on auditing the Federal Reserve, and calls for a complete audit of the privately-owned bank's Board of Governors and branches before the end of 2012.
According to a May 25, 2012 story reported on The Hill website, House Majority Leader Eric Cantor has agreed to bring the Federal Reserve Transparency Act to a full vote in July of 2012.
"Federal Reserve Chairman Ben Bernanke refused to tell Congress where it sent money during the TARP bailouts in 2009," said Randy Goodwin, Treasurer of the Beat Obama Committee. "It was only after a partial audit of the bank in 2011 that we learned they had given 16 trillion dollars in taxpayer money to foreign banks."
The Beat Obama Committee believes that the Federal Reserve needs to be held accountable for the devaluation of the U.S. dollar. According to the Government Accountability Office audit in 2011, more than 16 trillion dollars was given to foreign banks and corporations by the Federal Reserve, without authority from Congress.
"The American taxpayer will be paying for these actions for years to come," said Goodwin. "The inflation brought about by Barack Obama's bailouts and the Federal Reserve's actions has translated into a 40 percent tax increase on the poor and middle class. And that's just in the last 3 years."
The Beat Obama Committee believes that an audit of the Federal Reserve will shed light on the reasons for the current financial depression that the U.S. is in. If members of the public wish to fax Congress and tell them to audit the fed, they can do so by visiting the Beat Obama website.