NEW: Hinckley Calls on Congress to Audit the Fed
Tuesday, July 24, 2012
U.S. Senate candidate Barry Hinckley today called on Congress to pass H.R. 459, the Federal Reserve Transparency Act, and for the Senate to quickly follow suit. H.R. 459 would require a full audit of the Federal Reserve System.
“America's central bank has enormous power to create money and credit out of thin air,” said Hinckley. “What's worse is that it operates in near total secrecy. I strongly support this bill to audit the Federal Reserve, and I hope that you will call your representative and ask him or her to vote ‘Yes’ on this important piece of legislation.”
“Sheldon Whitehouse, is already on record opposing more transparency at the Federal Reserve. When the audit bill was considered in the Senate in May of 2010, Whitehouse voted ‘No’. Now is the time to hold him accountable for his refusal to stand up to wealthy and powerful special interests on behalf of middle class Americans,” Hinckley continued. “I find it curious that Sheldon Whitehouse cares about transparency for political contributors, but not for those who control the value of the U.S. Dollar.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn the 2 1/2 year period between December 2007 and July 2010, it was reported that the Fed loaned approximately $16 trillion at virtually zero interest to big banks like JP Morgan and Goldman Sachs. Much of that loan money went directly to foreign banks, a trend which continues to this day. In fact, in December 2011 alone, the European Central Bank received nearly $95 billion in loans.
“When the Fed creates money and credit out of thin air, it leads to bubbles and busts like we saw in the real estate market in the 2000's,” noted Hinckley. “It also devalues the dollars that are already in circulation, leading to higher food and energy prices. This monetary policy is very good for bankers and politicians, but very bad for middle class Americans who are increasingly struggling to make ends meet.”
“The Federal Reserve transparency act is an important part of my platform to restore fiscal responsibility, impose term limits, and ensure that our government operates in the open and on our behalf - not on behalf of special interests,” Hinckley concluded.
