Rep. Broun highlighted the need for the bill, saying, “Since the Federal Reserve’s establishment in 1913, the value of the U.S. dollar has fallen 95 percent. In other words, the value of today’s dollar is approximately worth one nickel of what a dollar was worth in 1913.” “What this does is cause a dramatic decline in the value of the U.S. dollar, and it is driven by the easy money policies of the Federal Reserve,” he said. “What does this mean in practical terms for the American people?” “The expansion in money supply under the Federal Reserve has led to an unstable environment of booms and busts that have wrecked the financial security and stability of average Americans,” he added. “This hurts poor people and senior citizens and the middle class the absolute most.” “This is a vital piece of legislation that will help to usher in a new era of transparency in this nation’s monetary policy,” said Broun. “The Federal Reserve is a creation of Congress, and it must therefore be subject to the oversight and regulation of Congress.” Kentucky Republican Rep. Thomas Massie stated, “Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations.”
Posted on: Sun, 21 Sep 2014 03:42:34 +0000
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