Audit The Fed

It seems that everyone is talking about the economic situation in this country. Despite the rumors that things are starting to look up, it appears that this is just the calm before the storm. In headlines released today, regulators are now telling CitiBank and Bank of America that they are in need of an infusion of cash in order to withstand a deep economic downturn. The government mandated stress test is suggesting that Citi Group will need as much as 10 Billion and that Bank of America will need a whopping 34 Billion.

Regardless of whether or not you believe the hype coming out of Washington that things are improving, one thing is for sure, until the Federal Reserve is made accountable for it's dealings nothing will ever be truly resolved.

Texas Congressman Ron Paul is proposing a bill before the House that currently has 120 sponsors this "Audit the Fed," bill as it has came to be known, is the most logical step in understanding our financial crisis. If this Bill is inacted, it would then create the transparency that is needed and was promised by the Obama Administration to help us get to the root of our problems.

I seriously doubt that it will garner enough support to pass, but with enough pressure, it is possible. Therefore, I am encouraging everyone to email your representative and encourage them to support HR 1207.