Fwd: [libertarian-322] Fwd: RE: Your recent message.

---------- Forwarded message ----------
From: Matt Collins
Date: Thursday, July 26, 2012
Subject: [libertarian-322] Fwd: RE: Your recent message.
To: libertarian-322@meetup.com


Congressman Jim Cooper caught LYING about Ron Paul's bill to Audit The Fed:


-------- Original Message --------
Subject: RE: Your recent message.
Date: Thu, 26 Jul 2012 16:36:00 -0400
From: Congressman Jim Cooper <Rep.Jim.Cooper@mail.house.gov>
To: <mattcollinstn@gmail.com>

 

 

Dear Mr. Collins:

 

Thank you for contacting me about H.R. 459, the Federal Reserve Transparency Act. I have heard from many Tennesseans about this bill and I appreciate the opportunity to respond. 

The Fed has been harshly criticized for the many unprecedented actions it has taken to help stave off the worst financial crisis since the Great Depression. Following the Great Depression, the Fed vowed that inaction would never lead to another economic collapse. It is important to remember that the Fed's ability to use all the tools in its toolbox played a crucial role in ensuring we didn't fall off the cliff.

 

You may know that the Federal Reserve is audited every year by an independent auditor. In addition, the Government Accountability Office audited the Fed last July. I agree with the need for transparency and openness, and I have long supported measures that increase government accountability. There needs to be a proper balance between the Fed's actions and its transparency, and congressional oversight to ensure the Fed can act to prevent similar crises in the future.

 

H.R. 459, however, would not just audit the Fed's books. It would also subject the Fed's monetary policy decisions to congressional review. Many lawmakers, including myself, have not agreed with every decision made by the Fed. However, I voted against this bill because the Fed must remain completely independent. Any political influence over the Fed's decisions would unquestionably jeopardize its ability to conduct monetary policy and respond to our economic needs in good economic times or in bad. We need economic experts, not politicians, running the Fed.

Thanks for taking the time to share your views with me.

 

Sincerely,

Jim Cooper
Member of Congress
 





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list (libertarian-322@meetup.com)
This message was sent by Matt Collins (mattcollinstn@gmail.com) from The Nashville Libertarian Party Meetup Group.
To learn more about Matt Collins, visit his/her member profile
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, PO Box 4668 #37895 New York, New York 10163-4668 | support@meetup.com

--
Thanks for being part of "PoliticalForum" at Google Groups.
For options & help see http://groups.google.com/group/PoliticalForum
 
* Visit our other community at http://www.PoliticalForum.com/
* It's active and moderated. Register and vote in our polls.
* Read the latest breaking news, and more.