Congress is considering new legislation to require the Federal Reserve to be audited

The Federal Reserve Transparency Act is a bill introduced in the U.S. House of Representatives by Congressman Ron Paul of Texas.

We’ve had an interesting article come out of the Wall Street Journal. What we have here is the newspaper showing some support for (HR 1207), also known as the “Audit the Fed” bill.

The legislation is almost up to 300 co-sponsors in the House, and 17 co-sponsors for a similar bill in the U.S. Senate. If the bill passes, it will require a full audit of the otherwise-secret Federal Reserve. Every Republican House member has signed on, and we’re picking up more and more Democrats everyday.

Who can go to their constituents and say, “I am not for transparency?” They simply cannot do it.

The hope is that we, the American people, will be allowed to see where our tax dollars go and what they are being spent on. Ironically, no one seems to know what President Barack Obama’s position is on this bill. This is a huge bill affecting monetary policy, affecting how we look at monetary policy and our central bank, and our President has not come out either way.

The Federal Reserve controls the money in the United States. Pull out a dollar bill from your wallet or purse and at the very top of it you’ll see the phrase “Federal Reserve Note”.

How our monetary policy works is we take out a loan for the currency that we’re allowed to have, through the Federal Reserve, and you pay back the interest on that loan with your income taxes.

Watch my complete report below.

VIDEO: Part 1 – The Liberty Report – HR 1207

VIDEO: Part 2 – The Liberty Report – HR 1207

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