By Brandon Moseley
Alabama Political Reporter
Former Congressman and Presidential candidate Representative Ron Paul (R) from Texas has long advocated (under both Democratic and Republican administrations) that the U.S. Federal Reserve System be audited. The de facto National Bank is charged with managing the money supply. The dollar bills in our wallets are “Federal Reserve Notes” and many Americans are concerned with how the Federal Reserve is being run.
What used to be considered a “fringe” issue has grown more mainstream as $trillion deficit after $trillion deficit have been stacked onto a national debt that has grown into numbers most of us can’t really comprehend. The current debt is $17,342 billion and is growing at the rate of $2 billion a day.
Congressman Mike Rogers (R) from Saks on Thursday sent a letter to Janet Yellen asking her to audit the Federal Reserve.
Janet Yellen is the new Chair of the Federal Reserve. She replaces Chairman Ben Bernanke. Supporters of Bernanke claim that his “quantitative easing” policies are responsible for keeping the Great Recession from becoming the Great Depression II. Critics blame Chairman Bernanke and his predecessor, Allan Greenspan for the real estate bubble that became the Great Recession and question if the trillions in backdoor stimulus used to prop up the Obama economy has the makings of a much more dangerous bubble.
Representative Rogers letter states, “During your confirmation, you noted that the Federal Reserve has been a steadfast steward of our nation’s monetary policy. I urge you to share that record with the American public by opening the books and allowing the U.S. Comptroller General, an independent entity, to fully audit all actions. So much of what the Federal Reserve does is designed to bring certainty and stability to our economy. I cannot think of a better way to add to that certainty than cutting through the cloak of secrecy to ensure openness through auditing.”
Rep. Mike Rogers supports H.R. 24, a House Resolution calling for an audit of the Federal Reserve. H.R. 24 has over 180 cosponsors and provides authority for the U.S. Comptroller General to fully audit the Federal Reserve. “I urge Janet Yellen to listen to the consistent message from Congress and the American people and audit the Fed,” Rogers said.
Congressman Rogers serves as Chairman of the Strategic Forces subcommittee on the Armed Services Committee and is a senior member of the Homeland Security and Agriculture committees.
Representative Rogers is asking voters for a seventh term representing Alabama’s Third Congressional District.