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items tagged with federal reserve

Dishonoring Harriet Tubman
Written By: Jeff Ignatius
Section: Commentary/Politics

Category: Guest Commentaries

2016-04-28 11:54:30

Harriet TubmanWhen Harriet Tubman died in in March of 1913, the U.S. $20 bill bore George Washington’s portrait and the inscription “This certifies that there have been deposited in the treasury of the United States of America $20 in gold coin payable to the bearer on demand.”

Later that year, Congress passed and President Woodrow Wilson signed the Federal Reserve Act. The following year, the Federal Reserve issued a new $20 bill, adorned with the portrait of Grover Cleveland. In 1928, the first $20 bill bearing the visage of Andrew Jackson appeared. Even though the Federal Reserve had taken over the creation of “money” (loosely defined) from the U.S. Treasury, the note still promised that it could be redeemed for gold at the U.S. Treasury, or gold or “lawful money” at any Federal Reserve Bank.

Nearly 90 years later, as the Treasury announces that Tubman’s likeness will grace the next $20 bill, Federal Reserve Notes are just paper, no longer redeemable in gold and sustained only by the faith of buyers and sellers in a government nearly $20 trillion of its own debased dollars in actual debt – and even deeper in the hole when unfunded promises of future spending are taken into account.


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End the Fed: The Economics of Liberty
Written By: Jeff Ignatius
Section: Commentary/Politics

Category: Guest Commentaries

2014-10-09 02:42:03

The Federal Reserve is responsible for implementing U.S. monetary policy. As it directs the world’s largest economy, the Fed earns top rank among powerful institutions. Though the central bank guides state monetary policy, the Fed is largely a private institution. As such, bank operations move in secrecy, absent of oversight from the public arena. Thanks to Carmen Segarra, however, we now have some keen insight to the inner operations of the Federal Reserve System.

Segarra was recently employed at the New York Fed as a bank examiner, charged with ensuring the bank followed internal regulations and conducting “oversight” of the economic powerhouse. During her tenure, Segarra grew suspicious that the Fed was rather lenient with powerful, well-connected investment banks – notably Goldman Sachs (a key player in the 2008 financial crisis). To document her concerns, she recorded 46 hours of private meetings and conversations. Her recordings reveal the Fed is, in fact, rather cozy with the financial institutions it’s supposed to regulate. With evidence in hand, Segarra voiced her objections. She was soon fired.


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Wall Street Couldn’t Have Done It Alone
Written By: Jeff Ignatius
Section: Commentary/Politics

Category: Guest Commentaries

2011-10-21 13:41:30

The spreading Occupy Wall Street movement, despite a vague worldview and agenda, properly senses that something is dreadfully wrong in America. The protesters vent their anger at the big financial institutions in New York’s money district (as well as other big cities) for the housing and financial bubble, the resulting Great Recession, the virtual non-recovery, the threat of a second recession, and the long-term unemployment – which averages more than 9 percent but hits certain groups and areas far more severely than others.

The protest is understandable, even laudable, but there’s something the protesters need to know: Wall Street couldn’t have done it alone. The protesters’ wrath should also be directed at the national government and its central bank, the Federal Reserve System, because it took the government or the Fed (or both) to:

• create barriers to entry, for the purpose of sheltering existing banks from competition and radical innovation;

• then regulate for the benefit of the privileged industry;


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Postpone Fed Chair Bernanke's Confirmation, Representatives Paul and Grayson Argue
Written By: Jeff Ignatius
Section: Commentary/Politics

Category: Guest Commentaries

2009-10-08 16:39:59

(Editor's note: This is a letter sent to U.S. Senate Banking Committee Chair Christopher Dodd by U.S. Representatives Ron Paul and Alan Grayson.)

Dear Chairman Dodd and members of the Banking Committee,

We are writing to ask you to postpone the confirmation of Ben Bernanke until the Federal Reserve releases documentation that will allow the public and the Senate to have a full understanding of the commitments that the Federal Reserve has made on our behalf. Without such an understanding, it is impossible to know whether Chairman Bernanke is fit to serve another term and fulfill the Federal Reserve's dual mandate to ensure price stability and full employment. A list of said documentation is enumerated below.


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Ron Paul’s Audit the Fed Bill Hits 207 Co-Sponsors
Written By: Administrator
Section: News Releases

Category: Politics & Elections

2009-06-10 15:12:52

House Minority Leader Boehner joins bi-partisan coalition supporting Federal Reserve transparency

ALEXANDRIA, VIRGINIA – H.R. 1207, The Federal Reserve Transparency Act of 2009, yesterday surged past the 200 co-sponsor mark, nearing a majority in the U.S. House of Representatives. The bill, introduced by Congressman Ron Paul (R- TX), now has 207 cosponsors including 51 Democrats.

Signing on to the bill yesterday were Republican Minority Leader John Boehner (R-OH) and influential Rules Committee Ranking Member David Drier (R-CA). The bill has gained 28 co-sponsors just in the month of June.

Congressman Paul's legislation is aimed at pulling back the curtain from a secretive and unaccountable Federal Reserve.  Congress and the American people have minimal, if any, oversight over trillions of dollars that the Fed controls.

With recent bailouts and spending decisions shining a spotlight on the actions of the Federal Reserve, more and more pressure is bearing down on Congress to take action and demand accountability and transparency.

Minority Leader Boehner joins a group of legislators from across the ideological spectrum.  These Representatives include Rep. Tom Price (R-GA), head of the conservative Republican Study Committee, and Rep. Lynn Woolsey (D-CA), former head of the liberal Progressive Caucus.

“Americans from every walk of life, across the country, are speaking out and demanding transparency at the Federal Reserve,” said Campaign for Liberty President John Tate. “Members of Congress, whether they are conservatives, moderates, progressives, business Republicans, libertarians or blue dog Democrats, are listening to their outraged constituents and coming together to support H.R. 1207.”

"The American people have had enough. Enough of an out of control Fed, enough of run away government spending and enough of the secretive Federal Reserve practices that won't even allow us to know where our money is going." continued Mr. Tate. "And the message is getting through loud and clear as indicated by the overwhelming support for this legislation across the country and in the halls of Congress."

To view a full list of co-sponsors, please click here.
http://www.opencongress.org/bill/111-h1207/show

H.R. 1207, would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and an audit by the non-partisan Government Accountability Office. Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as ongoing dollar swap operations with European central banks.

FOR IMMEDIATE RELEASE
CONTACT: Jesse Benton
June 10, 2009                           703-347-6886, 202-246-6363
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