On the recordJanuary 6, 2014
I rise today in opposition to secrecy, in opposition to the veil of secrecy that cloaks the money changing hands that takes place in the temple of the Federal Reserve. While the money changes hands, the monied class gets richer and the middle class gets shortchanged. It is more than time to part the curtain that hides the trillions of dollars that changes hands. There is a revolving door from Wall Street to the Treasury to the Fed and back again. We have former Secretaries of the Treasury who go from government to Wall Street pocketing hundreds of millions of dollars. I have called repeatedly for transparency at the Federal Reserve so Americans can see what is being done with their money supply. Every time I call for transparency, people from both sides have said transparency would undermine Fed independence. The problem is that Congress created the Fed and Congress was intended to have oversight over the Fed, and as time has gone on we have lost that oversight, so independence has really led to abuse. Some say: Well, the Fed is audited each year. The investigator general who is responsible for auditing the Fed came to Congress in 2009, and here is what she had to say during a question- and-answer session in a House committee. A Congressman asked: What have you done to investigate the off-balance sheet transactions conducted by the Federal Reserve which, according to Bloomberg, now total $9 trillion in 8 months?…
