"Group petitions Gordon on Fed"
Grass-roots effort aims to pass law to rein in Federal Reserve
By SCOTT BRODEN
A local grass-roots group seeking full disclosure of Federal Reserve loans picked up a 300th petitioner as they rallied Friday in front of U.S. Rep. Bart Gordon's Murfreesboro office.
Woodbury resident Nancy Cox was sitting in her parked car on West Main Street near the Public Square as about 13 Campaign for Liberty members stopped for a reading of a letter to Gordon.
“I’ll sign,” said Cox, a Democrat who’s currently unemployed after leaving a job to help her dying mother, the late Annie Cox, an 86-year-old West Side School teacher until her death in July. “I believe in what they are doing. We need new government, especially when you start saving your pennies, nickels and dimes. All the jobs in Woodbury are going overseas.”
About 12 men and one woman delivered 233 petitions in support of House Bill 1207 to the Democratic congressman's West Main Street office in Murfreesboro around noon Friday. The group in late April also delivered 77 petitions, so the new ones push the total to 300.
The documents backing the "Federal Reserve Transparency Act of 2009" were signed by constituents of Gordon's 6th Congressional District, local Campaign for Liberty coordinator Stephen Parvin said.
Before the group entered Gordon's office, Parvin stood on the sidewalk to read aloud a letter addressed to the congressman.
"Not only does the Federal Reserve operate without proper accountability, but it has utterly failed in its stated mission to 'provide the nation with a safe, flexible, and stable monetary and financial system,'" read Parvin, who's president of the MTSU chapter of Young Americans For Liberty. "This clearly is not what has happened."
Parvin, who's a sophomore MTSU economics major, was flanked by two men carrying signs. Lascassas community resident Jim Sandman held one that said, "Inflation is a tax — Audit the FED — H.R. 1207." MTSU junior political science major Eric Sharp had a sign that stated, "Audit the FED — HR 1207."
Gordon is still reviewing the legislation, according to a statement e-mailed from his Washington, D.C., press secretary Kinsey Kiriakos.
"I appreciate that my constituents came to my office and voiced their concerns about H.R. 1207," Gordon said in the statement. "My colleagues on the House Financial Services Committee are currently considering this bill. I look forward to reviewing their recommendations about it and other measures aimed at improving our financial regulatory system."
Campaign For Liberty contends the purchasing power of the U.S. dollar has fallen by more than 95 percent since the Federal Reserve was formed in 1913.
"It's a hidden tax," said Sandman, who's retired from the Navy. "Whenever they print money, the value of the dollar goes down."
"The Federal Reserve is quite literally destroying this country," Sharp said. "Even if you want a central bank, this one is doing a lousy job."
Sharp said he's worried about the unknown Federal Reserve activities that go beyond bailouts of American banks and automakers.
"We want to know what countries this money is going to," Sharp said.
"They refuse to answer," added Zachary Camp, an MTSU senior history major and economics minor. "We'd like an answer."
Campaign For Liberty
The proposed legislation came from U.S. Rep. Ron Paul, a Texan who launched Campaign for Liberty after running unsuccessfully for the Republican Party's presidential nomination in 2008, according to Wikipedia.
"I am writing to ask you to support HR 1207, commonly known as 'Audit the Fed,'" Parvin's letter to Gordon states. "This bill will soon come to a vote in the House of Representatives. Since its introduction in February 2009, it has now gained 282 cosponsors in the House, including several of your fellow Tennessean Congressmen and women."
The purpose of the legislation is to eliminate restrictions placed on the Government Accountability Office audits of the Federal Reserve, the letter states.
"These restrictions prevent Congress and the American citizens from truly understanding the current monetary policies of our country. It is a right of the citizen to know not only how their money is being spent but also protected. It is the duty of the politician to protect and represent the citizen. Therefore, it is easy to see why over 70,000 petitions have been collected nationwide in support of HR 1207."
The letter notes how President Andrew Jackson, a Tennessee Democrat, completely abolished the Second Bank of America in 1832 because he understood the dangers of central banking.
— Scott Broden, 615-278-5158