Here’s a bill all of us need to get behind to help break the Federal Reserve’s stranglehold on our money, our economy, and our freedom.

Last week (the week of February 23, 2009) was a very productive one for Ron Paul. On Monday he posted, “On Transparency of the Fed,” which applauded the Fed’s recent initiatives to enhance its transparency and accountability. However, Paul went on to say, “But with so much of the Fed’s business cloaked in secrecy, these latest initiatives will not even scratch the surface of the Fed’s opaque operations.” Furthermore, according to Paul, “People are demanding answers and explanations for our economic malaise, and we should settle for nothing less than the whole truth on monetary policy.”

Therefore, Paul announced:

“The first step is to pass legislation I will soon introduce requiring an audit of the Federal Reserve so we can at least get an accurate picture of what is happening with our money.  If this audit reveals what I suspect, and Congress has finally had enough, they can also pass my legislation to abolish the Federal Reserve and put control of the economy’s lifeblood, the currency, back where it Constitutionally belongs.  If Congress refuses to do these two things, the very least they could do is repeal legal tender laws and allow people to choose a different currency in which to operate.  If the Fed refuses to open its books to an audit, and Congress refuses to demand this, the people should not be subject to the whims of this secretive and incompetent organization.”

As his next step, Dr. Paul introduced the new bill on February 26, the “Federal Reserve Transparency Act of 2009,” H.R. 1207. The pupose of this act is “To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.”

Although this description of H.R. 1207 is quite vague, Ron Paul made this bill’s intent and expected impact very clear in his speech to the Conservative Political Action Conference (CPAC) on Friday, February 27. Here’s a video of this very important speech.

The bottom line is that Ron Paul has designed H.R. 1207 to provide, if passed, the first true audit of the Federal Reserve. This audit would be provided to the congressional leadership and to any other member of Congress who asked for a copy. This audit would be a powerful tool for exposing exactly how the Fed controls our economy and our freedom through its creation of money out of thin air. Wielded properly by freedom-minded citizens and legislators, this audit could play a decisive role in restoring sound money and phasing out the Federal Reserve!

Click here to take action now by sending an email to your representative and senators in Congress telling them to support passage of H.R. 1207 in both Houses of Congress.