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Dear Representative Dana Rohrabacher,I am writing you in support of Ron Paul's HR-1207, the Federal Reserve Transparency Act of 2009, which would require an audit of the Federal Reserve among other things. In the midst of the worst financial crisis since the Great Depression, this is exactly what this country needs. It is not a new Pecora Commission, but it is a start.
Astonishingly, the Fed is asking for even more financial dictatorial power. In essence, America is being handed a financial dictatorship. If granted, this will make the Fed even more unaccountable then it already is, and we will be faced with across the board problems and even more secrecy. How can a privately owned bank be allowed to run this country? Who is in charge of this country, our representative Government or the unelected Fed officials and the banks?
It is proposed that the Fed will be the systemic risk regulator and supervisor of the too big to fail institutions, which own the Fed. How can that incestuous relationship possibly serve the American people? The proposed council of regulators would be chaired by the Treasury, but with advisory powers only. That means the power to manipulate all markets without interference will solely be left to the Fed. They would be able to make any market in the world what they want it to be. The Fed would have full fascistic control of our currency and our economy. This would give the Fed's owners the opportunity to totally loot the system and the American public. Actually, that is basically what they have done and continue to do right now. It would make it just that much harder to stop them in the future.
The banks behind the Fed caused this current crisis by advocating no regulation of derivatives for almost 20 years. Now the Fed is going the regulate them. What a farce! The Fed would create a Consumer Financial Protection Agency with rules against predatory lending and transparency standards at the retail level. The major banks that own the Fed own these same markets. What a farce! A new resolution mechanism would clear big bank balance sheets of all toxic waste throughout the financial system, and stick me, the taxpayer, with the bill. What a farce!
The Fed seeks to become the leader in the formation of global financial regulation and supervision. It would be a short next step for the Fed to marry into the new European Systemic Risk Council comprised of EU central bank governors. This Council would breach US sovereignty by issuing warnings and recommendations, somewhat like the Bank for International Settlements does, and has done to other countries.
The Fed would work in conjunction with the EU, but at this time not be controlled by an international body, however, it would be a short step to become part of this international cross border agency. From the very beginning there would be a single rulebook applicable to all financial institutions. Why do you suppose that is? The pipe has already been laid.
The Ron Paul, Federal Reserve Transparency Act of 2009 now has 244 co-sponsors. A very upset Fed three weeks ago directed former Enron lobbyist Linda Robertson to payoff and pressure House members. An Enron lobbyist! Now the Securities Industry and Financial Markets Association is stepping into the fray to counter the justified popular backlash against bankers. Two former aides to former Treasury Secretary Henry Paulson plan to target every representative in the House and unleash a multi-million dollar media blitz in city by city. A massive propaganda campaign has begun. Former treasury aides Michele Davis, a PR type and Jim Wilkinson, a former chief of staff are leading the charge. Engaged as well is Democratic polling company, Brilliant Comers Research & strategies.
I urge you in the strongest possible terms to represent MY interests, to support HR 1207, the Federal Reserve Transparency Act of 2009.
Sincerely,
Paul Rye
