President Barack Obama – Fact And Fiction

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Accountability and the Federal Reserve: Let’s Take Back Our Country

Posted by alhavakia on September 30, 2009

If you are sick and tired of your tax dollars being misspent, it’s time we call for accountability starting with the Federal Reserve – Let’s take back our country and show Washington we mean business.

We need to get active and remind the government they work for “The People” and as our employees, they must perform their duties at an acceptable level of competence at the very least. The Federal Reserve System is considered to be an Independent Central Banking system of the United States.

There are presently five different parts to the Federal Reserve system:

1. The presidentially appointed Board of Governors of the Federal Reserve System, a governmental agency in Washington, D.C.
2. The Federal Open Market Committee (FOMC), which oversees Open Market Operations, the principal tool of national monetary policy.
3. Twelve regional privately-owned Federal Reserve Banks located in major cities throughout the nation, which divide the nation into 12 districts, acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors.
4. Numerous other private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks.
5. Various advisory councils

Exactly what do they do? Or maybe the question should be “Exactly what ARE they doing?”

You may read or download “Structure and Functions of The Federal Reserve System” the CRS Report for Congress: Left click on link to read online or right click and select save target as to download.

The initial purpose of the Federal Reserve was to ensure the stability of the financial system of the United States. The Federal Reserve Act in 1913 was brought about after the sever financial crisis in 1907. The current duties include:

*To address the problem of banking panics
*To serve as the central bank for the United States
*To strike a balance between private interests of banks and the centralized responsibility of government
*To supervise and regulate banking institutions
*To protect the credit rights of consumers
*To manage the nation’s money supply through monetary policy to achieve the sometimes-conflicting goals of
maximum employment stable prices, including prevention of either inflation or deflation[32] moderate long-term interest rates
*To maintain the stability of the financial system and contain systemic risk in financial markets
*To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
*To facilitate the exchange of payments among regions
*To respond to local liquidity needs
*To strengthen U.S. standing in the world economy

If the Federal Reserve were to be graded by any acceptable standard, there is little doubt they would fail miserably on all accounts. I ask you to carefully read the above purposes closely, they decide for yourself if their performance is acceptable and/or if there should be accountability and more transparency.

If we unite together our government will have no recourse, other than ‘performing’ their jobs according to the positions or office they hold. HR 1207, Ron Paul’s “Audit the Fed bill,” and S 604, its Senate companion, need our help! Please take action and sign both petitions NOW at Campaign For Liberty.

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