FIRST REGULAR SESSION

House Concurrent Resolution No. 9

97TH GENERAL ASSEMBLY

INTRODUCED BY REPRESENTATIVES CURTMAN (Sponsor), FITZPATRICK, HANSEN, GUERNSEY, SMITH (120), BROWN, KOENIG, SCHIEBER, DIEHL AND BAHR (Co-sponsors).

0850H.02I


            WHEREAS, Article I, Section VIII of the United States Constitution requires the United States Congress to regulate the value of our currency and maintain strict control over the monetary policy of the United States of America; and


            WHEREAS, since its institution in 1913, the Federal Reserve Bank of the United States, by inflating the money supply and manipulating interest rates, has eroded the purchasing power of the dollar by approximately 95%, created price instability, and has contributed to boom and bust business cycles; and


            WHEREAS, the Federal Reserve Bank of the United States and the United States Treasury have levied the burden of debt on American taxpayers to the degree of several trillion dollars; and


            WHEREAS, a partial audit of the Federal Reserve has informed the American people that trillions of dollars were used to bail out foreign banks without the consent of the United States Congress; and


            WHEREAS, agreements made by the Federal Reserve with foreign powers and foreign banking institutions should be subject to Congressional oversight; and


            WHEREAS, the Federal Reserve refuses to fully disclose the details of its emergency lending practices; and


            WHEREAS, allowing the Federal Reserve to operate our nation’s monetary system without full disclosure and transparency has led to a lower quality of life for the American people and abuse verified by the United States Government Accountability Office in its 2011 Report to Congress; and


            WHEREAS, a complete audit of the Federal Reserve, for the first time in its history, would provide answers to the American people about how our money is being spent, where our money is being spent, and at what cost:


            NOW, THEREFORE, BE IT RESOLVED that the members of the House of Representatives of the Ninety-seventh General Assembly, First Regular Session, the Senate concurring therein, hereby strongly urge the United States Congress to pass the Federal Reserve Transparency Act to require a complete audit of the Federal Reserve Bank of the United States in order to hold the Federal Reserve accountable to the United States Congress and the American people in accordance with Article I, Section VIII of the United States Constitution, which pertains to monetary policy that directly impacts the nation’s immediate economic environment; and


            BE IT FURTHER RESOLVED that the Chief Clerk of the Missouri House of Representatives be instructed to prepare properly inscribed copies of this resolution for Ben Bernanke, Chairman of the Federal Reserve Bank of the United States; Timothy Geithner, Secretary of the Treasury of the United States; John Boehner, Speaker of the United States House of Representatives; Harry Reid, Majority Leader of the United States Senate; and each member of the Missouri Congressional delegation.