By Scotty Boman
April 25, 2009
Detroit - At 2:00 PM on Saturday, April 25, 2009 nearly 200 people picketed outside the Federal Reserve Building on E. Warren Avenue (Detroit, MI), to express their support of HR 1207: Federal Reserve Transparency Act of 2009. This gathering followed a day of literature distribution at the nearby Eastern Market. The crowd included members of Campaign for Liberty, End the Fed Network, and the Libertarian Party.
The literature summarized the bill and called upon voters to contact their representative in Congress and ask him or her to sign on to the bill. Petitions were also circulated with the same message. Most of the literature was provided by the Campaign for Liberty. Campaign for Liberty is an organization founded by Congressman (and Libertarian Party life member) Ron Paul in the wake of his unsuccessful effort to win the Republican nomination for President.
The 1988 Libertarian presidential candidate was the author of HR 1207: Federal Reserve Transparency Act of 2009. The 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." Congressman Paul has introduced legislation that relates to the Federal Reserve before, but this time he is gaining support from his colleagues; the Act currently has 92 cosigners. This act differs from others, such as HR 2755, in that it simply calls for transparency, rather than the transformation of the monetary system.
Supporters are using current events to help promote the bill. One part of the handout being distributed reads, " In addition to our $11 trillion national debt, Congress, the Treasury Department, and the Federal Reserve have put us on the hook for almost $10 trillion in bailouts and loans. Yet, Fed Chairman Ben Bernanke recently flatout said, “No” to Congress when asked to name which financial institutions have received trillions of dollars in these loans from the Fed. The Federal Reserve, the unelected central bank of the U.S., refuses to fully disclose its operations and agreements to Congress, including details of its deals with foreign central banks and governments. To end this secrecy and deliver answers to the American people, Congressman Ron Paul has introduced HR 1207, the Federal Reserve Transparency Act."
The Detroit event was one of many Audit the Federal Reserve rallies to be held in major cities throughout the United States.