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Write Your Senators And Congressman: Support The Bills To Audit The Fed

by @ 5:34 pm on October 6, 2009. Filed under Economics, Politics

Inspired by Brad Warbiany’s recent success in getting responses from his Senators regarding the pending bills to audit the Fed, I’ve sent the following letters to my Senators Mark Warner and Jim Webb, and Congressman Gerry Connolly after modifying the letters that Brad posted back in July.

If your Congressman isn’t among the 300 who are co-sponsoring H.R. 1207, or if your Senator isn’t among the 30 co-sponsoring it’s sister bill S. 604, feel free to modify these for your own use:

Senate version:

Dear Senator XXXX,

Senate bill S.604, a bill to require the Comptroller General of the US to audit the Federal Reserve, is currently under review with the Senate Committee on Banking, Housing, and Urban Affairs. I am writing to urge your support for this bill.

Virginia has been the at the center of two asset bubbles over the last two decades: the high tech bubble and the housing bubble. Both brought the illusion of wealth to our state, and both caused much pain to our residents and our state government when they collapsed. There are many causes of asset bubbles, but chief among them are the loose monetary policies of the Federal Reserve. These policies cause malinvestment and excessive speculation, the hallmark of any bubble.

The Federal Reserve policies of Alan Greenspan and continued by Ben Bernanke are placing the financial system of the United States in jeopardy. These policies are largely undertaken without Congressional or Federal oversight, and benefit the interests of our financial sector at the expense of our citizens.

Most recently, the Fed has expanded their balance sheet to $2T buying securities, all the while engaging in a policy of “quantitative easing”, which is the euphemistic term for “printing money”. These policies are unprecedented in American history, and their long-term effects may be far worse than the problems they’re expected to address today.

S. 604’s sister bill in the House (H.R. 1207) has widespread bipartisan support, and nearly 300 cosponsors – including 5 from Virginia. S. 604 is rapidly gaining sponsorship in the senate, with three additional cosponsors added in the last several months to a current total of 30 sponsors.

The Federal Reserve is adopting policies that affect every American at the core of their economic life – the value of our dollars and the value of our homes. They are making these decisions without meaningful Congressional oversight and without allowing anyone to “check the books”.

Congress has a duty to Americans to ensure that the Federal Reserve is acting in our interests, and the first step to doing so is to understand what they’ve already done. An audit is necessary. I hope that I’ve convinced you to support and possibly cosponsor S.604.

Sincerely,

Douglas Mataconis
Bristow, Virginia

House version:

Dear Congressman XXXXX,

House bill H.R. 1207, a bill to require the Comptroller General of the US to audit the Federal Reserve, is currently under review with the House Financial Services Committee. I am writing to urge your support for this bill.

Virginia has been the at the center of two asset bubbles over the last two decades: the high tech bubble and the housing bubble. Both brought the illusion of wealth to our state, and both caused much pain to our residents and our state government when they collapsed. There are many causes of asset bubbles, but chief among them are the loose monetary policies of the Federal Reserve. These policies cause malinvestment and excessive speculation, the hallmark of any bubble.

The Federal Reserve policies of Alan Greenspan and continued by Ben Bernanke are placing the financial system of the United States in jeopardy. These policies are largely undertaken without Congressional or Federal oversight, and benefit the interests of our financial sector at the expense of our citizens.

Most recently, the Fed has expanded their balance sheet to $2T buying securities, all the while engaging in a policy of “quantitative easing”, which is the euphemistic term for “printing money”. These policies are unprecedented in American history, and their long-term effects may be far worse than the problems they’re expected to address today.

H.R. 1207 has widespread bipartisan support in the House of Representatives, and nearly 300 cosponsors – including 5 from Virginia. It’s sister bill, S. 604, is rapidly gaining sponsorship in the senate, with three additional cosponsors added in the last several months to a current total of 30 sponsors.

The Federal Reserve is adopting policies that affect every American at the core of their economic life – the value of our dollars and the value of our homes. They are making these decisions without meaningful Congressional oversight and without allowing anyone to “check the books”.

Congress has a duty to Americans to ensure that the Federal Reserve is acting in our interests, and the first step to doing so is to understand what they’ve already done. An audit is necessary. I hope that I’ve convinced you to support and possibly cosponsor H.R. 1207

Sincerely,

Douglas Mataconis
Bristow, Virginia

I’ll let you know what response(s) I receive, if any.

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