A couple of weeks ago I said that auditing the Federal Reserve was a great idea even if it was Ron Paul who introduced the bill that would make it happen. I am delighted to note that that bill, HR 1207, has, as of today, 282 co-sponsors, more than enough to pass if the bill makes it to the floor. I’m less delighted that only one of Greensboro’s three reps, Howard Coble, is among the co-sponsors, although I don’t know whether that means Brad Miller and Mel Watt oppose the bill or just figured that with a majority assured they would turn their attention to other things.
The companion Senate bill, S 604 from Bernie Sanders, I-Vermont, has 23 co-sponsors, ranging in political ideology from Tom Harkin, D-Iowa, to Sam Brownback, R-Kansas. (That’s quite a range, actually.) Among them is North Carolina’s Richard Burr but not our other senator, Kay Hagan. I do not know why that is.
But here’s what I suspect.
I suspect that the Fed has been doing things with our tax dollars, largely for the benefit of a few very large financial institutions, that will infuriate people once word becomes public. I further suspect that the wave of outrage that will follow will be something any incumbent and quite a few challengers would want to surf, rather than be swamped by. That wave is coming, and the time to get your board lined up and get up on your feet is drawing to a close.
There’s additional good news on this front: The Bloomberg news organization sued the Federal Reserve Bank of New York last year under the Freedom of Information Act for records on how tax money was spent. On Monday, a federal judge granted Bloomberg’s motion for summary judgment, meaning that both the facts and the law are so clearly on Bloomberg’s side that there’s no need for a trial. The bank has five business days to provide certain records and until Sept. 14 to let the court know how it intends to provide others. Should bank allies manage to kill or stall the Paul or Sanders bills, people could just file more FOIA lawsuits. So one way or another, this stuff’s coming out.
Congresscritters and would-be congresscritters of all stripes, take note.
UPDATE: Arguably another excellent reason to support auditing the Fed: Tim Geithner thinks it would be a bad idea.