Look in Article I, Section 8 of the Constitution. Do you see the Federal Reserve anywhere? Does an elite, banking cartel possess the constitutional authority to dictate our monetary policy? The Constitution seems to be pretty clear. The US Congress has been given the authority to dictate fiscal and monetary policy.

However, Congress surrendered this authority when it established the Federal Reserve Act in 1913. Since then, according to some economists and politicians, the value of the US Dollar has lost about 95% of its value. For example, an item that cost $100 in 1913 would have cost $2015 in 2006. Such is the consequence of a Federal Reserve banking system that has provided cheap credit, manipulated interest rates, and printed trillions of dollars out of thin air for most of the last 96 years.  Read more.

Outrageously, in 2006, the Fed even ceased publishing M3 data, which is the nation’s total money supply. Bernanke claimed it was too expensive to collect all the data. Sure. So now, the Fed can print as much money as it wants, lend this money to whomever it wants, and purchase whatever it wants without any accountability to Congress or the American people.

This is why more and more politicians, both Republicans and Democrats, are throwing their support behind HR 1207 . HR 1207 is the bill referred to as “Audit the Fed”. It now has over 50 co-sponsors in Congress and is currently being reviewed by the House Committee on Financial Services. It could be the first big step towards reconstituting Congressional authority over monetary policy, as originally stipulated in the Constitution.

If the government can audit individuals and corporations, why can’t it audit a banking institution that operates trillion dollar balance sheets and effectively determines the value of our nation’s currency?

The time has come to open the books. The time for transparency has arrived. The time for secrecy is over. Trillions upon trillions of dollars are being printed, spent, loaned, and guaranteed by the Federal Reserve without the necessary oversight. This is completely unacceptable. It’s an insult to the American people, and it’s an affront to the Constitution.

What can you do about it?

First, check out the bill HERE. If you would like to see it passed, contact your local congressperson HERE, and tell them to support it.