Bernie Sanders and dozens of co-sponsors intend to propose an Amendment to the financial regulatory reform bill tomorrow that would allow for a public audit of the Federal Reserve. We are coming out, today, in support of such an amendment, recognizing that it is important to protect the American people and Wall Street itself from further economic recessions caused by speculative or hyper inflated trading. As you see below, the Federal Reserve has typically manipulated interest rates to excessive degrees and caused excessive growth that was unparalleled by other indicators. The excessive growth led directly to a collapse in the American economy that was sparked by the weak fundamentals of the economy matched up with unyielding consumerism and investment. And afterwards, the Fed, in a typically corrective way, began to lower interest rates as rapidly as ever, again unreasonably inflating consumer spending and economic growth. The Fed has used its liberty as an independent government agency generally outside the public eye to mess with monetary policy to make insiders of the industry money and reward speculative trading and risky derivative trading at the cost of the nation’s populace and its economic health. The trends reached their peak under Alan Greenspan but they continue under Bernanke and the only way to truly put an end to the abuses is to audit the Federal Reserve and make it responsible to the American people.






