HOUSE CONCURRENT RESOLUTION NO. 26
(By Delegates McGeehan, Carmichael, Blair,
Walters, Perdue and Reynolds)
Urging our congressional delegation to introduce and support
legislation that would permit an audit of the Federal Reserve
System.
Whereas
, The Federal Reserve, the unelected central bank of the
United States, enjoys a monopoly over the flow of our nation's
money and credit but has never been completely transparent and
accountable to Congress since its creation in 1913; and
Whereas
, Over its nearly one hundred year history, the Federal
Reserve has presided over the near-complete destruction of the
United States dollar which, since 1913, has lost over ninety-five
percent of its purchasing power; and
Whereas, During the current economic crisis, Congress, the
Treasury, and the Federal Reserve have placed an additional $12
trillion in bailouts and loans on the backs of the American
taxpayer in addition to our almost $12 trillion national debt; and
Whereas, Testifying before Congress, Federal Reserve Chairman
Ben Bernanke has refused to disclose which institutions have
received trillions of dollars in these bailouts and loans or to
give our representatives details about what deals are being made
with foreign banks; and
Whereas, The current audits by outside agencies of the Federal
Reserve are not thorough and do not include monetary policy
decisions or agreements with foreign central banks and governments;
and
Whereas
, The crucial issue of Federal Reserve transparency
requires an analysis of 31 USC 714, the section of US Code which
establishes that the Federal Reserve may be audited by the
Government Accountability Office (GAO), but which simultaneously
severely restricts what the GAO may in fact audit; and
Whereas, The most important matters, which directly affect the
strength of the dollar and the health of the financial system, are
immune from oversight; therefore, be it
Resolved by the Legislature of West Virginia:
That our State's congressional delegation is urged to support
HR 1207 The Federal Reserve Transparency Act, and S 604, The
Federal Reserve Sunshine Act, which would eliminate these
restrictions from US Code and mandate a GAO audit of the Federal
Reserve to be completed by the end of 2010, finally delivering
answers to the American people about how our money is being spent;
and, be it
Further Resolved, That the Clerk of the House forward a
certified copy of this resolution to the members of the West
Virginia congressional delegation.