As we reflect on President Obama's first 100 days in office, the hundreds of billions of dollars in taxpayer bailouts of Wall Street and the just passed budget, a staggering $3.4 trillion boondoggle, I wanted to share some good news with you.
As I write, H.R. 1207, my bill to audit the Federal Reserve, currently has 110 cosponsors in the House of Representatives. This piece of legislation is perhaps the most important of my career, and I thank you for your continued support in sending me back to Congress to fight for it.
A broad coalition of Representatives has joined with me in supporting your right to transparency at the Fed. For example, Rep. Tom Price (GA), head of the conservative Republican Study Committee, and Rep. Lynn Woolsey (CA), former head of the liberal Progressive Caucus, have both cosponsored the bill. Americans from all over the political spectrum are demanding an audit of the Federal Reserve. And with good reason!
Since its inception, the Federal Reserve has operated without sufficient transparency or accountability to the American people. In fact, current law specifically excludes the Fed from audit or real congressional oversight. No government agency has such an utter lack of sunshine.
The Federal Reserve has created and dispersed trillions of dollars in response to our current financial crisis. Of course, I am among the most outspoken critics of the bailouts, but Americans across the nation, regardless of their opinion of the TARP program, want to know where that money has gone and exactly how much has been spent.
H.R. 1207 will open up the Fed's funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight.
Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as the ongoing dollar swap operations with European central banks.
By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the H.R. 1207 would achieve much-needed transparency of the Federal Reserve.
Times are tough, and we continue to hear a stream of bad news. But I will continue to stand up for you in Congress and fight for our American traditions, to protect our Liberty and for an Audit of the Federal Reserve.
Thank you again for your support. I could not continue my fight without you.