Matt Collins
07-26-2012, 02:49 PM
Congressman Jim Cooper (D-Nashville) is caught lying again about Ron Paul and his bill to audit the Federal Reserve (HR459):
http://www.cooper.house.gov/images/header.jpg
Dear Mr. Collins:
Thank you for contacting me about H.R. 459, the Federal Reserve Transparency Act. I have heard from many Tennesseans about this bill and I appreciate the opportunity to respond.
The Fed has been harshly criticized for the many unprecedented actions it has taken to help stave off the worst financial crisis since the Great Depression. Following the Great Depression, the Fed vowed that inaction would never lead to another economic collapse. It is important to remember that the Fed's ability to use all the tools in its toolbox played a crucial role in ensuring we didn't fall off the cliff.
You may know that the Federal Reserve is audited every year (http://www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm) by an independent auditor. In addition, the Government Accountability Office (http://www.gao.gov/new.items/d11696.pdf) audited the Fed last July. I agree with the need for transparency and openness, and I have long supported measures that increase government accountability (http://cooper.house.gov/index.php?option=com_content&view=article&id=443&Itemid=106). There needs to be a proper balance between the Fed's actions and its transparency, and congressional oversight to ensure the Fed can act to prevent similar crises in the future.
H.R. 459, however, would not just audit the Fed's books. It would also subject the Fed's monetary policy decisions to congressional review. Many lawmakers, including myself, have not agreed with every decision made by the Fed. However, I voted against this bill because the Fed must remain completely independent. Any political influence over the Fed's decisions would unquestionably jeopardize its ability to conduct monetary policy and respond to our economic needs in good economic times or in bad. We need economic experts, not politicians, running the Fed. Thanks for taking the time to share your views with me.
Sincerely,
http://www.cooper.house.gov/images/cooper-signature.gif
Jim Cooper
Member of Congress
http://www.cooper.house.gov/images/header.jpg
Dear Mr. Collins:
Thank you for contacting me about H.R. 459, the Federal Reserve Transparency Act. I have heard from many Tennesseans about this bill and I appreciate the opportunity to respond.
The Fed has been harshly criticized for the many unprecedented actions it has taken to help stave off the worst financial crisis since the Great Depression. Following the Great Depression, the Fed vowed that inaction would never lead to another economic collapse. It is important to remember that the Fed's ability to use all the tools in its toolbox played a crucial role in ensuring we didn't fall off the cliff.
You may know that the Federal Reserve is audited every year (http://www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm) by an independent auditor. In addition, the Government Accountability Office (http://www.gao.gov/new.items/d11696.pdf) audited the Fed last July. I agree with the need for transparency and openness, and I have long supported measures that increase government accountability (http://cooper.house.gov/index.php?option=com_content&view=article&id=443&Itemid=106). There needs to be a proper balance between the Fed's actions and its transparency, and congressional oversight to ensure the Fed can act to prevent similar crises in the future.
H.R. 459, however, would not just audit the Fed's books. It would also subject the Fed's monetary policy decisions to congressional review. Many lawmakers, including myself, have not agreed with every decision made by the Fed. However, I voted against this bill because the Fed must remain completely independent. Any political influence over the Fed's decisions would unquestionably jeopardize its ability to conduct monetary policy and respond to our economic needs in good economic times or in bad. We need economic experts, not politicians, running the Fed. Thanks for taking the time to share your views with me.
Sincerely,
http://www.cooper.house.gov/images/cooper-signature.gif
Jim Cooper
Member of Congress