Over the past several months, Dr. Ron Paul has made it his personal mission to take on the Federal Reserve. Clearly, it is an issue that is important to him, as is evident by his scores of TV interviews on the matter, his bestselling book End The Fed, and his surprisingly popular bill HR-1207, which supports an “audit” of the Federal Reserve.

Recently, Congressman Paul was also appointed chairman of a subcommittee to oversee the federal reserve. While this position seems to have been overstated in it’s importance, it is a valuable platform for someone so passionate about monetary reform and has strengthened his voice supporting a full and public audit of the Federal Reserve bank.

Dr. Paul and his recently-elected son, Rand Paul, have reintroduced legislation into both houses of Congress – HR459 and S202 (originally HR1207 and S604). The support for this bill has been continuously building. The bill has hundreds of cosponsors. With our current economic situation and with the Federal Reserve printing money at will, we’ve never had a better time to pass such legislation. This initiative has a real chance of passing. Ben Bernanke and the Federal Reserve can print money at will, despite growing debt, without any oversight of Congress. Bailouts of private business and printing money despite growing debt is a clear recipe for financial disaster in our country. If you think the recent recession was bad, I fear, unless something is done, our economy will take a plunge much more severe. For more information on the Audit the Fed bill(s), check out AuditTheFed.com, which provides information on the bill, a petition, and tools to contact your local representatives about this bill.

The Campaign or Liberty has created a separate petition where you can encourage your Congressman to support a full audit of the Federal Reserve.

From the Campaign For Liberty’s petition:

“Audit the Fed”
Petition to Congress

Whereas:	Congress has the authority to perform a public audit of the Federal Reserve, and the American people deserve to know how their tax dollars are being spent; and
Whereas:	The Federal Reserve refuses to publicize its meetings and its inner-workings or even to account for $2 TRILLION in recent taxpayer-backed loans; and
Whereas:	Allowing such secrecy to continue clearly allows for the potential for abuse; and
Whereas:	The Federal Reserve System leads to constant economic crises like the current housing crisis and the resulting chaos; and
Whereas:	The Federal Reserve System forces fuel, food, housing, medical care and education costs upward, meaning that everyone who is NOT on the government dole is forced to make do with less as the value of their money slowly decreases; and
Whereas:	History shows us that riots, violence and full-scale police states can result when people finally realize fiat money isn’t worth the paper it’s printed on and REFUSE to accept it;
Therefore:	In the interest of a healthy economy and more transparent government, I urge you to cosponsor the Audit the Fed Bill and seek a vote in the House.

Again, you can sign this petition here. If you support transparency in government and think we have a right to know how our money is being spent you should support this bill.

There is no reason I can think of not to support Ron Paul’s audit of the federal reserve. Even if you disagree with Dr. Paul’s view on ending the Federal Reserve, supporting and audit of the Federal Reserve and encouraging transparency can do no harm. Please take a moment to voice your support for these bills with your Congressmen.

On topic, Ron Paul recently addressed the House of Representatives, where he discusses the problems with the Federal Reserve, including it’s lack of transparency, how it creates economic problems such as inflation and unemployment, and how the Federal Reserve “facilitates deficit financing. Watch CSPAN’s video here:

At approximately 4:15 – “It’s the Federal Reserve. They are the ones who literally facilitate deficit financing. So for them to turn around and say it’s all the blame of the Congress, the are absolutely being disingenuous. It’s the Federal Reserve and the monetary system that encourages runaway deficits, runway spending, runaway militarism and runaway welfare-ism.”

At approximately 5:50 - “It was never meant for the Federal Reserve to have free reign and not have any oversight whatsoever. And we have to realize that this whole issue of central banking is not a new issue. It was here from the very beginning. Hamilton and Jefferson argued about it, Jefferson and Jackson, and many others were absolutely opposed to central banking . So it’s not a new issue, but there is no authority in the Constitution that grants this right to have a central bank and to create money out of thin air just to accommodate the politicians. We have a right and an obligation and a responsibility for oversight of the Federal Reserve. And our responsibility is to look at bad policy. The Federal Reserve is responsible for the inflation, and the business cycle, the unemployment – it is up to us to do something about it.”

According to Dr. Paul, the Federal Reserve has hired lobbyists and launched a Public Relation campaign for support their position.

I think it’s clearly a necessity for us to have transparency with an independent bank that can print money at will without any Congressional oversight.