To: The United States SenateWhereas
, the U.S. Constitution, Article 1 Section 8, confers on Congress the power "to coin money, [and] regulate the value thereof," yet Congress saw fit almost a century ago to hand this power over to a private banking consortium called the Federal Reserve System; Whereas
, since its creation in 1913, the Fed's policies have diminished the value of the dollar by 95 percent and have, according to mainstream economists, played a major role in causing virtually every economic crisis America has suffered – including the Great Depression, which current Fed Chairman Ben Bernanke publicly admits was caused by the Federal Reserve; Whereas
, the U.S. is currently undergoing its greatest financial catastrophe since the Great Depression and the Fed's interest-rate and money supply policies are widely regarded as having played a significant causative role; Whereas
, the Obama administration is intent on giving the already immensely powerful Fed vast new powers over the entire American financial system; Whereas
, Washington's claims of a new culture of transparency notwithstanding, the Federal Reserve continues to operate in total secrecy, subjected to no meaningful oversight by, or accountability to, Congress, the very body that created it and for whom it supposedly works; Whereas
, many Americans, rightly or wrongly, regard the Fed as a malevolent, unelected cartel operating under brilliantly devious banking rules that permit it to silently steal Americans' wealth – and allowing the Fed to continue to artificially manipulate the U.S. economy with no genuine oversight by citizens' elected representatives simply fuels such accusations; Whereas
, a significant majority of members of the House of Representatives, from both parties, have already signed on as co-sponsors of a bill (H.R. 1207) to require that the Federal Reserve be independently audited, to bring at least a modicum of accountability to this immensely powerful controller of the American economy. Whereas
, the Senate currently has pending before it a companion bill (S. 604) to the one overwhelmingly supported by the House of Representatives, demanding that the Federal Reserve be audited; Whereas
, finally subjecting the Federal Reserve to an independent audit would go a long way toward increasing public confidence in Congress, and perhaps even bring about much-needed reforms that would enhance America's economic stability, stop endless boom-and-bust cycles and constant inflation, and allow the greatest free market economic engine in history – the United States of America – to recover.
We, the undersigned, assert our rights as citizens of the United States in demanding that our elected representatives in the U.S. Senate follow the lead of the House of Representatives in ordering an audit of the Federal Reserve by supporting Senate Bill 604, sponsored by Sen. Jim DeMint.