June 20, 2009
Dear Friend of Liberty,
This week, the Obama administration unveiled another scheme to give more power to an already out of control Federal Reserve under the guise of regulatory “reform.” (The 85 page “plan” can be read in its entirety here.)
This Fed power grab will do nothing to help our economy or enable us to take control back from banksters and Wall Street insiders. Instead, their proposal will address our economic crisis by creating more rules, regulations, and government agencies. And of course, the plan is to spend more money we don’t have to implement this bureaucratic nightmare.
The Federal Reserve, currently taking hits from all sides, receives a substantial increase in powers from this proposal. Yes, you read that right. In the midst of the unprecedented squandering of TRILLIONS of taxpayer dollars, the Fed is going to get MORE power, unless you and I stop this scheme.
According to The Wall Street Journal:
The proposal, if passed into law, would represent one of the biggest changes ever in the Fed’s role. The central bank would win power to monitor risks across the financial system, and sweeping authority to examine any firm that could threaten financial stability, even if the Fed wouldn’t normally supervise the institution. The nation’s biggest and most interconnected firms would be subject to heightened oversight by the central bank….
Read the rest (which also has an Audit the Fed mention) here.
In another WSJ article, we find that:
The Fed emerges from the plan with the power to oversee from top to bottom almost any financial company in the country, including the firms’ foreign affiliates….
So any financial firm, even if it doesn’t actually own an insured depository institution, would be subject to regulation by the Federal Reserve.
The same institution that fueled the housing bubble and made our current economic crisis possible is now the one who gets to decide who poses a risk to the economy!
The idea that the Fed’s power would be increased right now is absurd.
Thanks to the efforts of Ron Paul and Campaign for Liberty supporters, well over half of the House of Representatives is now on record supporting a thorough audit of the Federal Reserve.
So why would Congress even consider granting the Fed new powers?
As you may have seen, recorded testimony from the Fed’s Inspector General shows she has NO IDEA how our money is being spent there and NO IDEA what is really going on — or at least won’t say.
And the central bank is under so much fire that it has to hire a lobbyist to defend itself on Capitol Hill.
You might assume that the Fed would be in retreat. Or at least that the Obama administration wouldn’t even THINK about granting them new powers right now.
Think again. Politics trumps logic once more.
Despite all the promises of “change” that were so easy to make during the primary season, the Obama administration is practicing business as usual.
Like previous administrations, its ideas involve centralizing power among a few under the guise of “streamlining” the process. Instead of achieving accountability, this plan will further empower the Fed and their allies on Wall Street and in international banks.
It all goes to show that our work to Audit the Fed is only beginning.
While the support we have so far achieved is historic, you and I are taking on more than just our nation’s central bank.
We are challenging a long-held, firmly entrenched mindset that begins and ends any conversation by asking how the federal government can increase its power.
So today, let’s do two things:
1. Urge your Congressman and Senators to support H.R. 1207/S. 604, Ron Paul’s Audit the Fed bill, to pull back the curtain and expose the out of control Fed once and for all. If your Congressman or Senator is already a cosponsor, urge him or her to do everything in their power to ensure this vital bill comes to a vote in the near future.
2. Insist your Congressman and Senators resist granting any new power to the Fed by rejecting the Obama administration’s new financial regulatory scheme.
Thank you for all your work on behalf of the cause of freedom. In the face of growing threats to everything our movement stands for, your support enables Campaign for Liberty to champion the principles that made this nation great.
John F. Tate
P.S. Your action today is vital to both the continued momentum on passing Ron Paul’s Audit the Fed bill, AND to fight back against a new scheme from the Obama administration released this week to grant MORE power to the Fed.
Please act quickly, and contact Congress today! Visit our States page and click on your state to get contact information for your Congressman and Senators!
Filed under: economy, federal reserve, monetary policy, ron paul | Tagged: economy, federal reserve, monetary policy, ron paul | Leave a comment »