With yesterday’s ruling by U.S. District Court Judge Loretta Preska that ordered the Federal Reserve to hand over records regarding the lending of taxpayer money to various financial institution, there’s renewed interest in keeping the federal government accountable for their financial practices—especially when it comes to bailouts and monetary policy.

There are currently two pieces of legislation in Congress, HR 1207, which has 282 co-sponsors (101 of which are Democrats) and S 604 which has 23 co-sponsors that would bring new accountability to the Federal Reserve. Notable co-sponsors include Bernie Sanders (I-VT), Russ Feingold (D-WI) and Jim DeMint (R-SC).

The legislation, titled the “Federal Reserve Transparency Act of 2009” would allow the Comptroller General of the United States to do a financial audit of the Federal Reserve. After the audit is complete, the Comptroller General would be required to report his or her findings to Congress.

Although the Federal Reserve is not technically a government agency, it’s a staple of the United States’ current economic system and was created through congressional legislation. A recent survey from Rasmussen reports found that a super-majority of Americans think that it might be time to take a second look as to whether or not the Federal Reserve should continue to operate without accountability.

The survey found that 75% of Americans now support an audit of the nation’s central bank, and only 9% of Americans opposed an audit.

http://www.americanbankingnews.com/2009/08/26/three-out-of-four-americans-support-a-federal-reserve-audit/

In an interview with AM 1280 on Saturday, Rep. Michele Bachmann announced that she will have Rep. Ron Paul as her guest for a September town hall forum in St. Cloud.

“I’ll be doing another town hall up in the St. Cloud area in September and we’ll do that on monetary policy. Ron Paul is going to come in and we are going to host something on monetary policy,” Bachmann said.

Bachmann is a convert to the Ron Paul movement, sometimes attending the congressman’s weekly lunches.

“I especially want to speak to the 19-20 year olds so they can know what there future will be under this level of debt accumulation and spending,” she added about the forum. “They need to know their future. And so I’m bringing him in so we can have a discussion on monetary policy.”

http://minnesotaindependent.com/42610/bachmann-to-host-town-hall-with-rep-ron-paul

Because of our reckless ways on spending and accruing debt, the Chinese, one of the biggest holders of our debt, are expressing fear for the debt and the decline of the U.S. Dollar.

A Republican Congressman Mark Kirk, who is back from visiting with Chinese officials, had this to say:

“We heard across the board — in private — substantial, continuing and rising concern,” Representative Mark Kirk said after a trip to China that included talks with government officials and central bank chief Zhou Xiaochuan.

“It’s clear that China would like to diversify from its dollar investments,” the lawmaker said at the Center for Strategic and International Studies, a Washington think-tank.

http://www.conservativeforchange.com/2009/06/china-fears-us-debt-and-dollar.html

A growing number of mainstream figures are calling for Alan Greenspan’s head and endorsing Dr. Ron Paul’s measure to abolish the Federal Reserve System.

Ron Paul’s Plan To Kill the Fed