While the country is enraged over the $160 million that AIG gave its executives, the Federal Reserve, a privately owned institution, has announced that it will be buying up $1.25 trillion of U.S. treasuries and Fannie and Freddie debt. This is money that will simply be created and put into the economy. Often times the American government isn’t even aware of what the Fed actually does and what is on their balance sheet, or how much money they create. With a fiat currency system in place, the last thing we need is a currency crisis.
The Fed is required to answer to no one, and few people even think to question them. H.R. 1207 is a first step in regaining control over our currency by requiring an audit of the Fed and bringing their actions to light.
The bill currently has 33 cosponsors (none from Nebraska) and has been referred to the House Committee on Financial Services. Please contact your representative to support this bill!
