Federal Reserve Accountability ActAn Unacceptable Compromise

WASHINGTON--(Business Wire)--
Today, SenatorsJeff Merkley (D-OR) and Bob Corker(R-TN) introduced the Federal
Reserve Accountability Act, an attempted compromise on the issue of transparency
for America`s secretive central bank. The bill would permit an audit of the
Fed`s actions in the Troubled Asset Relief Program (TARP) and similar high
profile bailouts, but would not allow Congress to review the Fed`s inflation of
the money supply or the its agreements with foreign central banks.

Legislation that would bring a full audit of the Fed, Congressman Ron Paul`s
H.R. 1207 and its Senate companion S. 604, has gained strong grassroots support
and built tremendous pressure on banking special interests.

Opponents of Fed Transparency argue that a full audit of the Federal Reserve
would damage the central bank`s "independence" and allow Congress to dictate
monetary policy.

"Claims that transparency at the Federal Reserve would leave Congress in charge
of monetary policy are simply bogus," said Jesse Benton, Senior VicePresident of
Campaign for Liberty. "There is absolutely no reason why The American People
should not be able to review the minutes of the Federal Open Market Committee
after a reasonable amount of time has passed."

"The Federal Reserve Accountability Act does not audit the monetary policy
functions which have been responsible for our deteriorating dollar and so many
of our current economic problems, and it is not an acceptable piece of
legislation. Campaign for Liberty will continue to push for a full audit of the
Fed."

The announcement of the new legislation comes after the number of cosponsors in
the House of Representatives for H.R. 1207 recently climbed to 303, and S. 604
gained 30 senate cosponsors. Campaign for Liberty has been leading the
grassroots effort on H.R. 1207, getting it to its current point with 75% of
Americans showing support for a thorough audit of the Federal Reserve.

For more information, visit: www.CampaignForLiberty.com

Campaign For Liberty
Gary Howard, 703-865-7162 x109
Gary.Howard@CampaignForLiberty.com

Copyright Business Wire 2009