Federal Reserve

Efforts to Audit the Fed Gain Grassroots Support in Missouri

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The St. Charles County Council in Missouri has approved a measure supporting an audit of the Federal Reserve. St. Charles is about half an hour away from the St. Louis Fed. The St. Louis Fed, like all other branches, is responsible for keeping a close eye on commercial banks in their districts and step in when those banks are unable to accommodate the needs of their customers.

Audit the Fed
Credit:r0b0r0b / Foter.com / CC BY-NC-SA

Paul Curtman, a Republican from the 150th district in Pacific, Mo., has reintroduced HCR 9, a resolution to encourage Missouri's Congressional Delegation to back the Federal Reserve Transparency Act. Curtman first introduced the legislation back in 2009 and since then has spoken at End The Fed rallies and sought support from the Audit the Fed Coalition.

Curtman has also found support among St. Charles County Council members who point to their local governments as an example. Reporter Michael R. Smith wrote that Council member Joe Brazil sponsored the resolution. He said that the county government undergoes financial audits and he believes the national bank should, also. He told Newsmagazine Network: "We audit every department…We do our due diligence. It's our obligation to the taxpayer. This makes complete sense of me." 

An audit of the Fed seems unlikely given Congress' current preoccupation and continued unwillingness recognize the risks associated with centralized currency. However, the Coalition offers a long list of Congressmen whom have co-sponsored bills in both the House and Senate.

The focus of the Coalition is two-fold: The first is to gather support for HR 459 (formerly HR 1207) & S 202, bills that require the comptroller general to conduct the audit and submit a detailed description of findings, conclusions and policy recommendations to Congress within 90 days of completing the audit. The second is to provide support to people, like Curtman, who are looking for help pushing the cause at local level. 

HCR 9 has been assigned to the Committee on Financial Institutions and has yet to be scheduled for a hearing.