Date: Wed, 21 Oct 2009 10:42:16 -0700 From: [email protected] To: [email protected] Subject: Tell Your Senators to REJECT Compromise Fed Bill! This CONSERVATIVE ALERT is a special message from: The Federal Reserve is Out of Control -- Click Below to Urge BOTH of Your Senators to REJECT the Watered-Down Merkley-Corker Bill: http://senate.gov/general/contact_information/senators_cfm.cfm ALERT: The Federal Reserve is out of control. In just the past year, the Fed and the U.S. Treasury have put $12.8 TRILLION on the line in stimulus packages, bailouts, TARP programs and the rest of their taxpayer-crushing schemes. That amount nearly equals the Gross Domestic Product for the ENTIRE U.S. economy. And the fact is, our "leaders" will have the Federal Reserve pay for it all with "fiat money" -- money printed right out of thin air... until the dollar completely collapses. We're able to STOP that from happening, before it's too late. Thankfully, H.R. 1207 and S. 604, the "Federal Reserve Transparency Act," have been introduced in the House of Representatives and the U.S. Senate -- and already, over two-thirds of the House and one-third of the Senate have signed on as co-sponsors! HOWEVER... the defenders of BIG GOVERNMENT SPENDING are trying to stop these transparency bills, by introducing a watered-down "compromise" bill that wouldn't do ANYTHING to expose the Fed's actions at bringing on inflation and more economic problems. WE NEED TO STOP THIS POISON BILL NOW, BEFORE IT GAINS TRACTION! SELECT HERE TO GET YOUR SENATORS' CONTACT INFO, AND DEMAND THAT THEY REJECT THE WATERED-DOWN "MERKLEY-CORKER FEDERAL RESERVE BILL": http://senate.gov/general/contact_information/senators_cfm.cfm TAKE ACTION: Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) are the sell-outs who have introduced their "Federal Reserve Accountability Act," an attempted compromise on the issue of transparency for America's secretive central bank. The bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, but would NOT allow Congress to review the Fed's inflation of the money supply or the its agreements with foreign central banks. TODAY is "mass action day" to make sure that the Senate REJECTS this bogus piece of legislation, and ONLY accepts the TRUE Audit the Fed bill. It only takes a minute to send a message or even make a phone call. So please, send a FREE message right away, urging BOTH of your U.S. Senators to REJECT the Merkley-Corker "Federal Reserve Accountability Act": http://senate.gov/general/contact_information/senators_cfm.cfm Let Congress hear our cry: DON'T SELL OUT -- AUDIT THE FED! Sincerely, William Greene, President RightMarch.com P.S. When Rep. Ron Paul was on the floor of the U.S. House introducing H.R. 1207 -- the GOOD bill -- he stated, "Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation." Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed's susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests. The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed's negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates. More importantly, the Fed's funding facilities and its agreements with the Treasury should be reviewed. The Treasury's supplementary financing accounts that fund Fed facilities allow the Treasury to funnel money to Wall Street without GAO or Congressional oversight. Additional funding facilities, such as the Primary Dealer Credit Facility and the Term Securities Lending Facility, allow the Fed to keep financial asset prices artificially inflated and subsidize poorly performing financial firms. As Rep. Paul noted, "The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We hear officials constantly lauding the benefits of transparency and especially bemoaning the opacity of the Fed, its monetary policy, and its funding facilities. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve." AMERICA NEEDS THIS BILL -- NOT THE WATERED-DOWN COMPROMISE BILL PROPOSED BY SENATORS MERKLEY AND CORKER! By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, S. 604 would achieve much-needed transparency of the Federal Reserve. We need to URGE the entire U.S. Senate to REJECT the Merkley-Corker bill, and instead to co-sponsor S. 604, "The Federal Reserve Transparency Act"! SELECT HERE TO GET YOUR SENATORS' CONTACT INFO, AND DEMAND THAT THEY REJECT THE WATERED-DOWN "MERKLEY-CORKER FEDERAL RESERVE BILL": http://senate.gov/general/contact_information/senators_cfm.cfm Here is a sample message you can copy, paste, or modify to send to your Senators: Dear Senator, Now that over $12 trillion have been pledged towards our financial crisis, more people than ever are concerned about where their money is going, and if it's accomplishing anything. But in the face of an ever-worsening recession, the Federal Reserve refuses to furnish Congress and the American people with records of how the Bank is allotting and spending trillions of bailout dollars. Shrouded in secrecy, the Federal Reserve is a danger to our political process: No one knows where our money is going or what it is doing, and Chairman Bernanke has said that efforts to disclose such information are "counterproductive." But that's my money they're using, Senator! $12 trillion! And without any record of how the Federal Reserve is managing and distributing these trillions of taxpayer dollars, there is no way to know if our present course is sustainable or not. Legislation that would bring a full audit of the Fed, Congressman Ron Paul's H.R. 1207 and its Senate companion S. 604, has gained strong grassroots support and built tremendous pressure on banking special interests. But now, Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) have introduced the "Federal Reserve Accountability Act", an attempted compromise on the issue of transparency for America's secretive central bank. The bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, but would NOT allow Congress to review the Fed's inflation of the money supply or the its agreements with foreign central banks. The Merkley-Corke The work of RightMarch.com is funded entirely by voluntary contributions. Help us spread the word with a donation to RightMarch.com! https://secure.conservativedonations.com/rightmarch/?a=7 If you prefer to donate by check, please send to: RightMarch.com Dept Code 7 PO Box 96503 #33585 Washington DC 20090-6503 Paid for by RightMarch.com This message was intended for: [email protected] You were added to the system May 6, 2009. For more information click here. 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