Oxendine Endorses HR 1207, the Federal Reserve Transparency Act:

I am proud to endorse HR 1207 The Federal Reserve Transparency Act by Congressman Ron Paul (R-TX).

I encourage all Georgia conservatives to contact our Congressional delegation and urge them to support this important reform legislation which will transform the way Washington D.C. does business.

Since 1913, the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy. How long will Congress stand idly by while hard-working Americans see their savings eaten away by inflation?

Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of oversight and auditing of the Federal Reserve and Congressman Paul is doing an outstanding job on this important matter.

As Congressman Paul points out, the Federal Reserve can enter into agreements with foreign central banks and foreign governments but the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight?

I agree with Congressman Paul. The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. The taxpayers deserve transparency in government and HR 1207 shines the light on the Federal Reserve.

John Oxendine

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