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John Wayne's Holster: Audit the Federal Reserve!
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Wednesday, March 18, 2009

Audit the Federal Reserve!

Ron Paul’s bill, H.R. 1207, to audit the Federal Reserve continues to gain momentum. Please write to your Congressman to urge them to support the bill. Here is a link to help you find all the current members of the US House of Representative.

Below is a copy of a letter I sent to my Congressional representative. Feel free to use it, edit it, write your own, or use a template available at The important thing is that you do something to get your Congressional Represeantative involved on your behalf.

Here is a copy of my letter,

Dear Representative Thompson,

We are currently faced with a slew of corporate and banking failures brought on by greed, selfishness and downright deception from Wall Street. Are we letting these companies go under, as they should in a free market? Or are we propping them up, thus rewarding their failure and mismanagement? Unfortunately, we are propping them up by bailing them out.

Where is the money for the bail-out coming from? The Fed simply sits back, makes a few key stokes on a computer, and literally creates money out of thin air. They then give this money to bad companies, and charge the principle and interest to ordinary people like the citizens of Centre County, effectively putting us and our children in perpetual debt. In the meanwhile, the bankers at the Fed are raking in profits on interest payments - on money they created from nothing. As if that were not bad enough, the bail-out money is going toward the paying of bonuses to the very people whose mismanagement and greed created all the problems in the first place.

For all this, the Federal Reserve is not even accountable. Despite the rhetoric from Washington, there is little or no transparency at the Fed. We do not even know who they are lending money to, and they won’t even tell us when we ask. Nevertheless, we are expected to foot the bill. Sounds like downright highway robbery, to me. It is about time this stopped.

We need more transparency and accountability at the Fed! As citizens, we have stood by for decades an allowed ourselves to be fleeced by our government via the Federal Reserves system. You, as our elected representative, can and must help! The Federal Reserve must be audited! If you or I were in a similar position as the Fed, we would be legally required to account for every dollar that passes through our hands. Why has the Federal Reserve never been held to the same standard?

Please co-sponsor or support H.R.1207.

Joseph A.Verica


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