Federal Reserve Transparency Act of 2009

I have plenty of isues with the federal reserve. They have far too much poawer and nearly zero oversight. In fact, they aren't even a true government agency, in other words, the federal reserve (in the words of Denise Kusinich) is as federal as federal express. It is something that should never have been created in the first place. This would be a great first step.

Transparency and audits of the activity carried out by the federal reserve is the least that should be done if Americans are unwilling to abolish the Fed altogether. The Chairman of the Federal Reserve, Ben Bernanke, has been helping to bankrupt the United States and conspiring to keep the truth from the American Public. Federal Reserve Chairman Bernanke and the U.S. government were complicit in forcing Bank of America's management and board of directors into accepting a merger with Merryl Lynch. They threatened BOA officials with replacement and also pressured CEO Ken Lewis to keep quiet about losses at Merril. "According to Lewis's testimony, made public on Thursday, Paulson told him the management and board of the bank would be replaced if it pulled out of the deal." "He also testified that Paulson and Bernanke pressured him to keep quiet about losses at Merrill, which rose to $12 billion from $9 billion in a matter of days in December." http://www.reuters.com/article/newsOne/idUSTRE53M77J20090424 I guess we can see where the Obama administration got the idea to give Rick Wagoner his walking papers when he wouldn't comply with their demands. The Federal Reserve is the cause of many economic problems, and has been screwing more than just Americans for almost a century: [b][i]"The Fed was created as a response to the periodic bank runs of the late 19th and early 20th centuries. Some of the greatest economists have explained that part of that instability was caused not because private banks were free to issue currency (even as late as 1907) but because the government maintained a policy of rewarding irresponsible behavior by rescuing financial institutions when they reached the verge of collapse. In any case, as Milton Friedman wrote, the instability of the pre-Federal Reserve years was nothing compared to the booms and busts caused by the monetary authorities after 1913. Nobel laureate Friedrich Hayek, whose free-market ideas triumphed with the collapse of the Soviet Union, frequently denounced the connection between central banks and the boom-bust cycle. In an interview conducted in 1977, he said, “If it were not for government interference with the monetary system, we would have no industrial fluctuations and no periods of depression. ... The mistake is the creation of a semi-monopoly where the basic money is controlled by the government. Since all the banks issue secondary money (in the form of loans based on deposits), which is redeemable in the basic money, you have a system a which nobody can control.”[/i][/b] http://www.independent.org/newsroom/article.asp?id=2153 The Federal Reserve does a wonderful job of deflecting criticism and laying blame on others for the disasters that they cause. I notice that few people bother to mention Alan Greenspan's part in the economic play that has hit the world stage anymore. I guess that the U.S. government has placed the smokescreen well enough for the former Fed Chair to get away before the American people figure out that he belongs behind bars.