28 votes

My senator contacted me today, regarding my call in support of Audit the Fed!

Today I received a letter from my senator, John Thune (R) SD, regarding my call in support of the Audit the Fed legislation. Let me know what you think.

"Dear Drew:
Thank you for contacting me about the Federal Reserve Bank. I appreciate hearing from you.

The Federal Reserve Bank, which conducts our nation's monetary policy, is considered an independent entity within the federal government. Although its day-to-day decisions do not need to be ratified by legislative or executive branch, it must follow the objectives of economic and financial policy established by Congress. You may be interested to know that the Government Accountability office (GAO) is currently able to audit many functions of the Federal Reserve. For the functions it is not able to audit, Congress maintains direct oversight authority through periodical reviews and may alter its responsibilities by statute. Furthermore, all excess funds derived from various policy actions and services performed by the Federal Reserve are returned to the United States Treasury.

I believe in order to properly account for taxpayer funds it is important that we get a clear picture of the operations of our central bank. I am pleased the financial regulatory reform legislation signed into law in July of 2010 included language to require a one-time audit of the Federal Reserve by the GAO with respect to the loans and financial assistance provided to institutions since December 1, 2007. The Federal Reserve must ow also share information with regard to what entities use their discount window and take part in the purchase or sale of assets. However, I do not believe it goes far enough in terms of transparency. Because of this, I supported a separate amendment. During Senate debate of financial regulatory reform that would have broadened the scope of the GAO audit and would have provided for additional audits in the future. Unfortunately, this amendment was defeated.

In addition, the Federal Reserve Transparency Act of 2011 (S. 202) was introduced on January 26, 2011, by Sen. Rand Paul (R-KY). I am a cosponsor of this legislation. If enacted, this bill would require the Comptroller General to conduct a full audit of the Federal Reserve System and the Federal Reserve banks and report this information to Congress. This bill is currently awaiting consideration by the Senate Banking Committee. As I continue my worn in Congress, I will be sure to keep your thoughts a d concerns about this issue in mind.

Kindest regards, John Thune
United States Senator"

Ok what do you think about Sen. Thune's response.

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

In the first part

of his letter he defends the Fed by highlighting seemingly positive aspects, like remitting excess funds to Treasury. Here is how I'd reply:

The U.S. Constitution is the highest law of the land, and you swore an oath to uphold it when taking office. The Constitution says Congress is supposed to be responsible for monetary policy, not some independent third party it abdicates this responsibility to. So remitting any excess funds back to Treasury doesn't mean anything since that would happen anyway. The difference is when things go wrong economically the American people are told to look to the Fed, an entity they have no control over, rather than being able to directly hold Congress accountable including at the ballot box.

Why is that important? Because Congress, rather than pretend it could accurately set market interest rates which would result in the same bubbles and recessions we get now with the Fed, would not set rates at all but let the free market work, which is how it should be.

As for how much we can audit the Fed now, why is anything at all off limits? What needs to be secret? In reality, what we are allowed to see doesn't amount to much because the Fed can create and issue vast amounts of dollars with currency swaps and other unaccountable methods which the American people will never see, but can suffer by the inflation.

My senatorial voting strategy 2014

In the republican primary, should a Ron Paul candidate participate, I'll vote for hum/her, and again in the 2014 election. If not I will vote for the best third party choice, never, never a regimental republican or a follow along democrat.

My Senator Hasen't Bothered to Answer

August 1, 2012

RE: HR 459 Audit the Fed Bill

Dear Senator Reid,

Over the years I have marveled at your skill to navigate through your life with conviction and purpose. Your background in reaching a perceived level of excellence as a statesman is extraordinary.

Since you came to the Senate in 1986, you built a strong record of accomplishments for the people of Nevada and the nation. As Majority Leader, you leveraged your position every day to ensure Nevada’s voice is always heard and its needs are met. From cutting taxes for Nevada’s working families, helping to keep Nevadans in their homes, creating jobs by investing in Nevada's clean energy industry, killing the proposed Yucca Mountain nuclear waste dump, and passing landmark health insurance reform legislation to help cover more than 600,000 uninsured Nevadans. You certainly have been an impressive Mormon.

You were elected Senate Majority Leader for the 112th Congress (2011-2012), a position held and decisions you make commands influence over all Americans. Recently you have taken all of us to its core understanding of the will of the people. There exist well over 240 Million represented Americans who voiced their demand to audit the Fed. Within minutes, you made a decision contrary to your oath and totally insulted your God and country and the Constitutional demand of your allegiance to ”We The People”.

In the twilight of your career and after all those years of hard work in government service, it is disappointing to find your legacy in purpose as a United States Senator has all along been hypocritical.





Your other Senator

is Tim Johnson, the Chairman of the Senate Banking Committee, where S. 202 is being held up.

Tim is up for reelection in 2014 and will have a very tough campaign. People in South Dakota need to make it a campaign issue that he personally held up S. 202 and prevented an audit of the Fed. Hopefully this will get him to at least debate the bill next year in his committee.

I have contacted Sen.

I have contacted Sen. Johnson, as well but it might be a good idea to call him once again. And if Sen. Johnson runs for reelection which I think he will, he will have a very tough fight, as former SD governor Mike Rounds has already announced his intention to run. Mike Rounds I would consider to be a moderate, but is a strong supporter of audit the fed. It would be interesting if Sen. Johnson would support this as it would help him in 2014.

Rounds is establishment all the way

Mike Rounds would be another Scott Brown in the Senate. Curious where you got the idea that he is "strong supporter of audit the fed"??? In a recent interview done by the Argus Leader after his announcement in Sioux Falls he was asked about the bailouts. He feels that the banks have ZERO fault for the crash in 2008. Let us also not forget that this man while he was still our Governor, accepted an appointment by Obama to be 1 of the 10 Federal "Regional" Governors. He is a traitor to our form of government and an establishment hack all the way. Unfortunately, that is all we ever elect. We need to stack the deck with 3rd party and independent candidates in 2014 and we need to work on getting our electronic vote counting BANNED before the primaries.

BTW, SD does not have any

BTW, SD does not have any electronic voting machines it's all paper ballots. So feel free to help recruit a Liberty candidate. Some people want state Rep. Stace Nelson to run for senate but I highly doubt he will, but if he did he would make an awesome senator. Last year Rep. Nelson got kicked out of the GOP caucas for his strong Liberty minded votes.

Draft Stace Nelson for 2014

Draft Stace Nelson for 2014 U.S Senate, in South Dakota. Here is a link to Stace's 2012 campaign website http://stacenelson.com/index.html

Mike Rounds is certainly an

Mike Rounds is certainly an establishment candidate, although I don't think he would be quite as bad as Scott Brown, which isn't saying much. Last spring he gave a pretty good speech on the Federal Reserve by explaining how it prints money out of thin air and how it needs to be audited, which really surprised me. Anyway he is another moderate who will support audit the fed. Hopefully their will be a conservative that will run in a primary against him.

GOP sent me a survey and this is what I summed up for them

Honestly, In my area, the Republican Party is a third party by comparison to Democrats and No Party Prefrance. The hostility, open anger, vandalism, threats, and rebukes from the general public are abundant and constant. Republicans ask me, "Aren't you afraid to tell people you are a Republican?' Democrats and others tell me, "You should be ashamed to be a Republican. How dare you! Traitor". and so on,, none was nice." I campaigned very hard for Ron Paul because Ron Paul makes sense. Ron Paul represents the kind of Republican I want to be, with integrity, disapline, and real solutions for the problems we face, economically, domestically and foreign. Ron Paul gives me hope, not just for the Republican Party, but for the Nation and the world.

I'm proud to be a Ron Paul Republican and I will stand for the intelligence and principles executed by Ron Paul. I am very dissappointed in the RNC and the direction of the GOP, and I would rather work to restore the Republican Party to a Political Party the majority of Americans want to join working to rebuild America, than to watch it implode, or be destroyed by those who are in the Republican Party but stand for global democracy (just like Democrats), just not in our own Republic or Party. The RNC was a shame, and the world saw, how desperate, unjust, and corrupt we are.

To not allow Ron Paul to speak. To not allow Ron Paul's name to be heard. To change the plurality rules. To remove vetted delgates from states to force Romney a win, was very dissappointing to watch. To stand behind censorship of Republican Ron Paul in Main Stream Media, was not a job well done, but why people want nothing to do with the Republican Party.

Had you selected Ron Paul, you would have won. I am now supporting Rand Paul for president 2016. Join me and let's win an election honestly.

May God Bless us and help us find our way back to peace and prosperity.

What do I think?

I think "he" didn't contact you, his office sent you a form letter. A canned response.

the reponse

isn't really important. What is important is that he is co-sponsor of the the bill. His future actions will be important as well.

The response is a nice courtesy. One of the better I have seen and better than I rec'd from the District of Criminals who claim to represent my state.


Liberty = Responsibility

The response AND co-sponsorship isn't as important...

compared to his actions when it matters.

My former congressman Pete Stark TWICE co-sponsored Ron Paul's bills to audit the Fed and then TWICE voted against his own bill when it came down to it.

In general however I'm right there with you.

If men are good, you don't need government; if men are evil or ambivalent, you don't dare have one.

Christmas gift

Thank him for his response and then send him the "Creature from Jekyll Island" for Christmas.

I bought 7 copies

To give as Christmas gifts! Fortunately both of my senators are already co-sponsors.

Ron Paul convert from the Heart of Dixie



His name is Edward Snowden

What is Capitalism?

Haha yes!

Haha yes!