RECLAIM the REPUBLIC.
RESTORE the CONSTITUTION.
•
Federal Reserve Fact Sheet
THE
RESERVE
TRANSPARENCY
ACT
THE
FED
THEFEDERAL
FEDERALAUDIT
RESERVE
TRANSPARENCY
ACT
FACT
SHEET
FREQUENTLY
ASKED
QUESTIONS
FACT
SHEET
and Why
credit
butReserve,
has
beenunelected
completelycentral
transparent
accountable
to Congress
and theover
American
The
Federal
the
bankand
of the
U.S., enjoys
a monopoly
the people.
1.)
audit
thenever
Federal
Reserve?
• Congress
Reserve’s
expansion
of the money
supply, combined
with its manipulation
The Federal
The
Federal
Reserve
is in
an 1913.
enormously
destructive
and unaccountable
force in both of
theinterest
U.S. rates,
since
its creation
creates malinvestment
that
results
in housing,
stock
market,
and employment
and busts
that destroy
economy
and the greater
global
economy.
Federal
Reserve
policies
affect averagebooms
Americans
far more
than
fiscal,
spending,
and tax
legislated
Congress.
Fed can put
the American people on
lives and
plague
American
economy.
Since
1913,
ourthe
dollar
haspolicies
lost
more
thanby95%
of its The
purchasing
power.
the hook for trillions by creating new dollars on its balance sheet to bail out favored institutions – without
• In
Thanks
tooversight
thetoFed,
today
itincosts
nearly
$24.00
to
buy
what $1.00
bought
in 1913,
the being
year the
Fed was
addition
an over
trillion
national
debt
(with
each
American’s
share
more
than
Congress’
and
all$15
addition
to
our already
outrageous
national
debt.
created.
$45,000), Congress, the Treasury, and the Federal Reserve have put us on the hook for over $14
Forbailouts
several decades,
the Fed has relentlessly increased the supply of U.S. dollars (both real and
in
and loans.
• trillion
In addition
to our nearly
$18 trillion national debt, the Fed can put the American people on the hook for
electronic) and kept interest rates artificially low. These monetary policies punish thrift, erode the value
of savings,
andstill
harm
older Americans
fixed incomes.
Fed’s expansion
the moneypeople.
supply,
Yet,
the Fed
refuses
to be fullyonaccountable
to The
Congress
and theofAmerican
without Congress’
oversight.
combined
with artificially
low interest rates, creates terribly destructive cycles of malinvestment, which
Congressman
Ron
Paul
hasand
introduced
H.R.
459,
Federal
Reserve
Act
result in housing,
stock
market,
employment
booms
andthe
busts
that Transparency
destroy
lives.Transparency
• Congressman
Paul
Broun
reintroduced
Ron Paul’s
Federal
Reserve
Act, known as Audit the
(known
Audit the
Fed),24)
to to
deliver
the American
Americanpeople
people
about
theisFed
is with
Fed, thisas
Congress
(as H.R.
deliveranswers
answers to
to the
about
whatwhat
the Fed
doing
While
the
Fed
was
created
by
Congress,
current
law
prohibits
Congress
from
fully
auditing
the
doing
with H.R.
our money.
our money.
24 passed the U.S. House by a massive bipartisan majority of 333-92 in September 2014.
•
•
Fed’s monetary policy actions – the Fed actions that impact Americans the most. An entity that controls
the valueRand
and purchasing
power
of the
should
be permitted
to operate
Senator
Rand
Paulhashas
introduced
S. 202,
thenot
Senate
companion
bill.in the dark without
Senator
Paul
introduced
S. dollar
209,
the
Senate
companion
bill.
oversight by Congress and accountability to the people. Audit the Fed (H.R. 24/S. 264) would bring
Audit
theFed
Fedtransparency
amends
section
714
ofrequiring
Title
ofU.S.
theCode
U.S.toCode
to the
remove
the restrictions
Audit
the
amends
section
714Fed
of by
Title
31 of31
the
remove
restrictions
on how theon
much-needed
to the
a full
audit.
• With
With
these
limitations
gone,
thethe
Fed’s
discount
window
operations,
funding funding
facilities, open
market
operations,
these
limitations
gone,
Fed’s
discount
window
operations,
facilities,
open
2.) Isn’t
the
Fed already
audited?
oversight.
congressional
fully.
The Fed’s financial
statements are audited annually, but the Fed’s monetary policy
be
openNot
to congressional
oversight.
•
•
•
operations are exempt from audit. Congress’ investigative arm, the Government Accountability Office
(GAO), is currently prohibited by law from examining discount window and open market operations;
passage.
agreements with foreign governments and central banks; and Federal Open Market Committee (FOMC)
AA
December
2010
Rasmussen
revealed
of Americans
Fed.
directives.
It is2013
precisely
this information
that should
made
public.
Thesupport
AmericanAudit
people
must
know the
November
Rasmussen
pollpoll
revealed
74% 74%
ofbeAmericans
support
auditing
the
Fedthe
and
making
how
and
why
Fed
officials
expand
the
money
supply
and
set
interest
rates.
It
is
not
enough
for
the
Fed
to
results
publicly accessible.
Call
Congress
202-224-3121
andafter
urge
yourdecisions
representative
and senators
support
H.R. 459
simply
provide itsatupdated
balance sheet
crucial
and transactions
already to
have
occurred.
and
202.
AuditS.
the
Fed allows
the GAO to and
auditurge
the Fed’s
monetarytopolicy
operations
andvote
directs
GAO
Call
Congress
at 202-224-3121
your senators
demand
a roll call
on the
S. 209
or to
its
report the
audit results
to Congress
within a year of the bill’s passage.
House
counterpart,
H.R.
24.
Visit www.C AM PAIGN FO R LIB E RT Y.org for more information on our efforts to bring
transparency and accountability to the Federal Reserve.
the Dodd-Frank financial reform legislation passed in 2010 mandate a Fed
Restore 3.)
the Didn’t
Constitution.
audit?
THANK YOU FOR YOUR SUPPORT!
THANK YOU FOR YOUR SUPPORT!
Because of Campaign for Liberty’s tax-exempt status under IRC Sec. 501 (C) (4) and its state and federal legislative activities, contributions are not tax deductible
but not
a full or
substantive
audit.
audit
mandated
in the Dodd-Frank
Act focused
Because of Campaign Yes,
for Liberty’s
tax-exempt
status
under IRC Sec.
501 (C)The
(4) and
its state
and federal legislative
activities, contributions
are not taxsolely
deductible as
as charitable
contributions
(IRCor
§ 170)
or as a business
deduction
[(IRC
§ 162(e)(1)].
charitable
contributions
(IRC § credit
170)
asfacilities,
a business
deduction
[(IRC
162(e)(1)].
on emergency
and only
on §procedural
issues (such as the effectiveness of collateral policies,
whether credit facilities favored specific participants, or the use of third-party contractors) rather than
focusing on the substantive details of the lending transactions. Audit the Fed does not limit the focus of
the audit.
5
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) 865-7162 (V ) | ( 703 ) 865-7549 ( F )
RECLAIM the REPUBLIC.
Federal Reserve
RESTORE
CONSTITUTION.
4.) Hasn’t the Fed
already the
published
details of its emergency bank lending?
•
Fact Sheet
Yes, but only partially. The Fed was required by the Dodd-Frank Act to disclose data from
its emergency credit lending facilities created during the financial crisis. Most of the data on its other
activities, such as open market operations and discount window lending, have only been published as a
result of lawsuits – not because of Congressional action. Dodd-Frank requires this information to be
disclosed going forward, but with a two-year time lag and with the GAO restricted to auditing only the
procedural components of any programs. Audit the Fed grants the GAO and Congress access without
special exemptions and ensures that ALL of the Fed’s lending actions will be subject to oversight.
and credit
butReserve,
has neverthe
beenunelected
completelycentral
transparent
accountable
to Congress
and theover
American
The
Federal
bankand
of the
U.S., enjoys
a monopoly
the people.
THE
THEFEDERAL
FEDERAL RESERVE
RESERVE TRANSPARENCY
TRANSPARENCY ACT
ACT
FACT
FACT SHEET
SHEET
• Congress
The
Federal
Reserve’s
expansion
ofFed’s
the money
supply, combined with its manipulation of interest rates,
5.) Doesn’t
an its
audit
harm in
the1913.
independence?
since
creation
creates malinvestment that results in housing, stock market, and employment booms and busts that destroy
Nothing
be has
further
from
the than
truth. 95%
The Fed
waspurchasing
created by Congress
lives
and
plague
the
American
economy.
Since
1913,
ourcould
dollar
lost
more
of its
power. and remains subject
to full oversight and regulation by Congress – up to and including abolishing it altogether! The Fed’s
• In
Thanks
to thetoFed,
today
it costs
$24.00by
to
buyofficials
what $1.00
bought
in 1913,
the being
year
the
Fed was
addition
an over
trillion
debt
(with
each
American’s
share
more
than
hyped
“independence”
is $15
largely
anearly
mythnational
created
Fed
and its
Wall Street/financial
sector
created.
supporters
who
benefit
from
its
lack
of
transparency.
The
Fed
is
independent
from
the
Executive
Branch
$45,000), Congress, the Treasury, and the Federal Reserve have put us on the hook for over $14
(Treasury
butloans.
not from Congress. Audit the Fed does not change or set monetary policy;
trillion
inDepartment)
bailouts
and
• In addition
to our nearly
$18 trillion national debt, the Fed can put the American people on the hook for
it merely grants Congress retrospective access to the information used to determine and carry it out, so
Congress
can still
properly
understand,
oversee,
and evaluate
Fed.
Yet,
the Fed
refuses
to be fully
accountable
to the
Congress
and the American people.
without Congress’ oversight.
•
Congressman Ron Paul has introduced H.R. 459, the Federal Reserve Transparency Act
Congressman Paul Broun reintroduced Ron Paul’s Federal Reserve Transparency Act, known as Audit the
6.) Don’t
foreign
transactions
need answers
to
be exempt
a Fedpeople
audit?
(known
Audit the
Fed),24)
to to
deliver
to
thefrom
American
people
about
theisFed
is with
Fed,
thisas
Congress
(as
H.R.
deliver
answers
to the
American
about
whatwhat
the Fed
doing
doing
with H.R.
our money.
our money.
24 passed the U.S. House by a massive bipartisan majority of 333-92 in September 2014.
No. Given the Fed’s involvement in creating dollar swap facilities with foreign central banks
(peaking Rand
at
$600
billion
in
2008),
andS.the
spreading
Rand
Paul
has
introduced
S.economic
202,
theuncertainty
Senate
companion
bill.Europe, the Fed’s
• Senator
Senator
Paul
has
introduced
209,
the Senate
companion
bill. across
continued financial assistance to Europe should not be exempt from public accountability and
theFed
Fedamends
amends
section
of Title
theCode
U.S.
Code
remove
the
• Audit
Audit
the
section
714
of Title
31 of31
theofU.S.
remove
the
restrictions
on European
how theon
Congressional
oversight.
Audit
the714
Fed
will
bring
transparency
to to
the
Fed’stoagreements
withrestrictions
the
Central Bank and other foreign entities.
• With
With these
gone,
thethe
Fed’s
discount
window
operations,
funding funding
facilities, open
market
operations,
theselimitations
limitations
gone,
Fed’s
discount
window
operations,
facilities,
open
7.) What can I do to help pass Audit the Fed?
congressional oversight.
be open to congressional oversight.
Contact your representative and senators at 202-224-3121. Urge them to do everything in their
•
power to support and achieve a standalone, roll call vote on Audit the Fed (H.R. 24/S. 264).
passage.
2010Rasmussen
Rasmussen
ofour
Americans
support
Audit
December
Visit CampaignForLiberty.org
torevealed
learn74%
more74%
efforts
to pass
Audit the
and
tomaking
sign the
• A
A
November
2013
pollpoll
revealed
ofabout
Americans
support
auditing
theFed
Fedthe
andFed.
our online
petition
demanding action.
results
publicly
accessible.
Call
Congress
at 202-224-3121 and urge your representative and senators to support H.R. 459
S.
202.
If you’re
already signed
joinyour
C4L’s
email list
and sociala media
• and
Call
Congress
at not
202-224-3121
andup,
urge
senators
to demand
roll callpages
voteto
onensure
S. 209you
or stay
its up
to date counterpart,
on Audit the Fed.
House
H.R. 24.
Visit www.C AM PAIGN FO R LIB E RT Y.org for more information on our efforts to bring
transparency and accountability to the Federal Reserve.
Restore the Constitution.
THANK YOU FOR YOUR SUPPORT!
THANK YOU FOR YOUR SUPPORT!
Because of Campaign for Liberty’s tax-exempt status under IRC Sec. 501 (C) (4) and its state and federal legislative activities, contributions are not tax deductible
Because of Campaign for Liberty’s tax-exempt status under IRC Sec. 501 (C) (4) and its state and federal legislative activities, contributions are not tax deductible as
as
charitable
contributions
(IRCor
§ 170)
or as a business
deduction
§ 162(e)(1)].
charitable
contributions
(IRC § 170)
as a business
deduction
[(IRC §[(IRC
162(e)(1)].
5
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) 865-7162 (V ) | ( 703 ) 865-7549 ( F )