Comment: Emailed the Whip

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Emailed the Whip

Mr Hoyer,

I regret to inform you that your stance on the Federal Reserve Transparency Act (HR 459) is dead wrong. You state that the bill would only politicize the monetary policy but we are only looking for accountability. You state that this is a game being played with short-term political pressures but this has been going on for over four years now. You voted for more accountability from banks when you voted to pass the Dodd-Frank bill, but you will not vote for more accountability from the largest bank in the country that is tasked with issuing the only currency that is legal in this country--that is just plain hypocritical. The accountability of the Federal Reserve bank is of the utmost importance during these trying times.

Just over a year ago a partial audit of the Federal Reserve was conducted which revealed that over $16 trillion was "lent" to domestic banks, foreign banks, foreign governments and foreign central banks at zero per cent interest. Do you even understand the magnitude of that number? That is the size of the entire productive output of the USA in an entire year or the size of the USA national debt--the debt that left you with long, drawn-out debates over the budget and the debt ceiling just one year ago. Could you imagine taking all of the production from this country over the course of one year and just handing it out to whomever you please? I sure as hell couldn't. We need accountability, Mr Hoyer. We need to know why these "loans" were given to who they were given. We need to know why the interest rates are set at the rates they are set to. We need to know why the Federal Reserve exists at all and we need to hold them accountable for the decisions they make.

This isn't short-term political games being played here. In fact, isn't playing short term political games the job of the Federal Reserve? When production and employment are low they are the ones who, behind closed doors, give out money to make temporary solutions to the economic problems we face. History has shown that the Federal Reserve accomplishes nothing long-term. Just look at the value of the dollar since its creation in 1913 to see how. Between 1800 and 1913 the dollar rose in value by 73%! However, since 1913 the dollar has lost over 95% of its value (http://www.westegg.com/inflation/). Never before has our country been so indebted. Never before has congress let monetary policy gone so unchecked. Never before has our country been in so large a crisis. Article 1 section 8 of the US constitution grants congress the sole authority to "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures." So how can it be wrong for congress to demand to understand the decisions being made on its behalf by the Federal Reserve? Your logic is completely backwards. We have been in a debt crisis for over four years now and the Federal Reserve has done nothing to change that. This has waited for too long; we need accountability and we need it now.

Mr Hoyer, you voted to pass the Dodd-Frank bill in 2009 which, in general, provides for more accountability from banks. So why is it that you are against more accountability from the largest bank in the country--the bank that is tasked with managing the only currency that is legal to use in trade? In the free market a bank that issues currency is held accountable for its actions by those who hold its currency. If a bank becomes involved in shady practices the people proceed to dump that currency and discontinue accepting it as payment. The constitution provides for such accountability in government issued money through the congress and the people they represent. Your vote against this bill is a vote against that.

We need to know about our money, Mr Hoyer. We need to know when the monetary base is expanded and why. We need to know who benefits from the Federal Reserve policies and who doesn't. Most importantly we need to know if the Federal Reserve is actually doing its job. Your politicizing of the issue by calling it short-term political games does nothing to help and only prolongs the agony. It is you who is playing political games by not holding the Federal Reserve accountable. The American people are speaking and they are asking what the Federal Reserve has done to their money and why. It is time we know.

I pray that some day you may realize your illogicality and promote more transparency from every institution created by government. HR 459 seeks to do just that and your dissenting vote may just cost you support from your constituents. Just look at the overwhelming support it has on OpenCongress.org; 98% are for it!

Vote for transparency and vote for HR 459.

With great displeasure,