HR 1207 is a bill, first sponsored by Congressman Ron Paul in the U.S. House of Representatives, that will audit the Federal Reserve. The Federal Reseve has never been audited in it’s 96 year history. Contrary to popular belief, the Fed is not an arm of the U.S. Government but a subcontractor for monetary policy. It is the Fed that also produces the money in your pocket, thus the term Federal Reserve Note. The Bill, as of September 16, has 289 co-sponsors in Congress. If the Bill is signed into law, the Fed will be forced to open its books and show how clandestine policy decisions are made. Some of the questions Congress wants answered are: Why did the Fed give foreign banks 500 billion dollars during the financial meltdown last year? What are the names of the all the banks, both foreign and domestic that got bailed out, and how much money did each bank get? Why was AIG bailed out and not Lehman Brothers? The Fed has spent or committed trillions of dollars; where did the money go? These are just a few of the secrets the Fed is keeping from American taxpayers. H.R. 1207 will receive a hearing in the House Committee on Financial Services towards the end of September. Representative Alan Grayson of Florida’s 8th Congressional District has been a staunch advocate of the Bill. Listen as Rep. Grayson announces the hearing on H.R. 1207, also known as The Federal Reserve Transparency Act of 2009.
I also have some questions for the mainstream media. Why is a story with trillions of dollars in secret bailout money not being covered? As a former investigative correspondent for both ABC and CNN, I know what makes a good legitimate story that will hold up to scrutiny. This is a very big legitimate story with profound implications for every American!
Just last month, the Fed lost a Freedom of Information Act lawsuit in Federal Court: “Aug. 25 (Bloomberg) — The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of InformationAct lawsuit….The judge said the central bank “improperly withheld agency records” by “conducting an inadequate search” after Bloomberg News reporters filed a request under the information act. She gave the Fed five days to turn over documents it told the reporters it located, including 231 pages of reports, and said it must look for more at the Federal Reserve Bank of New York, which runs most of the loan programs…Banks are worried that the disclosure of borrowers’ identities by the Fed, the lender of last resort, would cause customers to empty their bank accounts in a run on the bank, said Scott Talbott, vice president of governmental affairs at the Washington-based Financial Services Roundtable, a lobbying group.” (click here for the full story)
The Fed has indicated it plans to appeal the case and has until the end of September to do so. Meanwhile, the biggest story in the financial history of the country is being ignored by the press. Maybe this is part of the reason the news media’s credibility rating sank to a new all time low in a recent Pew Research Center poll.
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.