HCR 26 Text

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.

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