Political Quotes

“In the United States Constitution, article I, section 8, where it enumerates the powers of Congress, one of those powers is, as I am reading, ``to coin money, regulate the value thereof, and of foreign coin.'' In 1913, Congress abdicated its responsibility and its duty over to the Federal Reserve. It is unconstitutional that we have done so, and it has caused some disastrous effects. I thank my friend Mr. Meadows for yielding me time to speak on behalf of H.R. 24, the Federal Reserve Transparency Act, better known as ``Audit the Fed.'' This is the same bill that passed the U.S. House in the 112th Congress by an overwhelming bipartisan majority. This is a vital piece of legislation that will help to usher in a new era of transparency in this Nation's monetary policy, and I am pleased to speak on its behalf with my colleagues. Over the century, since its inception in 1913, the Federal Reserve has controlled our Nation's monetary policy--and therefore our economy--under a veil of secrecy. Throughout these last 100 years, Congress has only exercised a relatively small degree of oversight over the Federal Reserve. This lack of accountability has led to grievous consequences, and this must end. For instance, since the Federal Reserve 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.…”