HR 1207: Federal Reserve Transparency Act Fact Sheet

The Federal Reserve enjoys a monopoly over the flow of our money and credit but has never been completely transparent and accountable to Congress since its creation in 1913.

Since 1913, our dollar has lost more than 95% of its purchasing power.

In addition to an over $11 trillion national debt (with each American’s share being more than $36,000), Congress, the Treasury, and the Federal Reserve have put us on the hook for almost $13 trillion in bailouts and loans.

Yet, the Fed refuses to tell Congress which financial institutions have received these funds.

On February 26, 2009, Congressman Ron Paul introduced HR 1207, the Federal Reserve Transparency Act, which would deliver answers to the American people about how our money is being used.

HR 1207, which is currently in the House Financial Services Committee, has received the support of over one-third of the House of Representatives within a few short months of its introduction.

HR 1207 amends section 714 of Title 31 of the U.S. Code to remove the restrictions on how the Government Accountability Office (GAO) can audit the Federal Reserve.

With these limitations gone, the Fed’s discount window operations, funding facilities, open market operations, and agreements with foreign central banks and governments would all finally be open to congressional oversight.

The GAO would be required to audit the Fed by the end of 2010 and to report its findings to Congress.

The Senate version is S 604, the Federal Reserve Sunshine Act.

Call Congress at (202) 224-3121 and urge your representative and senators to support HR 1207 and S 604.

Visit www.CampaignforLiberty.com for more information on our efforts to bring transparency and accountability to the Federal Reserve.

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