Federal Reserve Transparency Act of 2013
Number of Co-Sponsors
Liberty for All's PositionThe Federal Reserve is a privately owned corporation established in 1913 with almost zero accountability. In 2006 the Federal Reserve classified the amount of U.S. dollars in circulation, making it almost impossible to calculate the relative value of the U.S. dollar. In one of the only audits performed on the Federal Reserve in the last 100 years, it was discovered that billions of dollars have been secretly, and without authorization, transferred to numerous banks in a shadow bailout. Thomas Jefferson once warned that "if the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." This bill does not go nearly far enough when it comes to necessary reforms of U.S. monetary policy and repeal of the Federal Reserve but it represents a crucial move towards accountability and is an important first step towards further change.
Current StatusThis bill was assigned to a congressional committee on January 3, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.