I stole many of the phrases and ideas of this letter straight from Ron Paul. I hope he doesn’t mind.
Dear Representative Neugebauer:
As a constituent represented by you in the House of Representatives, I am writing to encourage you to support and cosponsor H.R. 1207: Federal Reserve Transparency Act of 2009.
The Federal Reserve System has always operated in the dark, without sufficient scrutiny or supervision of its actions. Most recently, they have refused all Freedom of Information Act requests, citing they that are a private organization; however, they maintain the privileges of a government agency. To this day, we do not know the exact terms of the agreements made between the Federal Reserve and the banks receiving special assistance. In fact, we do not even know which banks are receiving their assistance.
In addition, it is in the taxpayers’ interest to know the Federal Reserve’s agreements with foreign central banks and foreign governments. The idea that the Federal Reserve has the ability to negotiate with the European Central Bank, the Bank of International Settlements, and other institutions without any government oversight whatsoever is shocking. As one of your fellow congressmen put it, “if the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this, he might face prosecution under the Logan Act; yet the Fed avoids both fates.”
You have been a beacon of light for fiscal conservatives in these dark economic times. I hope, with your support of H.R. 1207, you will promote transparency and shine a light on the Federal Reserve.
Republican Party Precinct 67 Chair