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-- that was one of the co sponsors is congressman Walter Jones who is a Republican on the North Carolina who joins us now.
-- good to see congressman so -- You know -- was telling us that this seems to be getting a lot of support now things gone with this bill -- It's going very well eyes Darryl said there's a 165.
Co sponsors Ron Paul's -- my best friends in congress and I've been sitting on the floor -- -- when we have votes on other issues and it's been amazing to see colleagues.
Come up to arrive and say -- wanna get don't you bail you bills gave me twelve seven.
The transparency act for the Federal Reserve System and I really think that we're gonna get enough votes that we can put -- you know you can have what's called a a discharge petition if you get 218.
Co sponsors on a petition at the desk of that in the house you know actually bring a bill out of the committee but it's my hope that -- -- Will see that the cut the House of Representatives and as well as the American people which is more -- it.
They want and I -- in the world is the Federal Reserve System operating without any.
Any oversight at all and all of -- build those and that's what Darryl said.
Was we just tried to make to say to the Federal Reserve.
You must commit an audit.
From time to time you must.
Be in a position when congress -- you look ask about monetary policies that you've come and make an appearance before congress they don't even do that now.
We have no oversight over the Federal Reserve System at all and again I don't think it should be at a point.
Where that the Federal Reserve feels that they have to.
Her -- to congress but does it don't we.
The American people have a right to know how they.
Decide on some of these policies they even have contracts with foreign government foreign banks that nobody knows what's in the contract -- -- it's a great points there but you know we've threatening the argument about it you know the Federal Reserve have to come before congress and and -- some of these questions we've seen some of that happening.
Which is you know had been sending that we watch very closely here on Fox Business.
Why now and why the Fed -- is that the white now the right time to do this and if your get it and let it expects first.
Are you kidding me distance from the -- giving you information about what they're doing during this crisis.
What I absolutely say they think you congressmen know we are not giving -- the -- that information we are not answering question that you math.
Well if -- if the committee tried to bring that Federal Reserve for the purpose.
Of explaining a certain issue that they involved and it's my on the -- -- my dear friend Ron Paul.
That they can say no we're not kind of had they -- now this -- had a good example -- and saying no we're not giving you the answers -- this question.
Well I would ask you this like Gina and Janice do you -- -- look at Hal so much of this talk money.
How much of the billions and billions and billions of dollars and a download a little bit all of sudden it.
But I mean we can't even get an accountability of how the -- of dollars of the taxpayers money's been spent -- other Federal Reserve has the authority.
To regulate an influence monetary policy -- I think they have an obligation.
Because there decisions could negatively as well as positively.
Impact on certainly -- -- We don't have any that's the current deficit treasury -- stated in her -- that we don't have any evidence right now have you saying that the Fed is keeping a black box on something that we asked them congress men like yourself.
Have asked them about what they're -- we -- having an extended their -- -- I mean I thought that that it had that happen.
Well I'm not.
I mean I've been joined Ron Paul he's taken -- lead on the majority of this but I'll tell -- this.
When the GA.
Is pretty prohibited.
From all the TIC the Federal Reserve System that in itself is an -- to concern the American people.
So the idea here is we don't know what might be underneath that quote unquote black box absolutely let me go but at least we should be able to ask the questions to find out right is that that that's not figure out how to -- it.
That's exactly what we're trying to do this a bipartisan deal with a 1065 co sponsors.
And we -- saying that the Federal Reserve does have a certain responsibility.
To allow the people to know how they make these decisions and how they influence and the policies of this country.
But you know whenever I hear is related incidents this -- Good money after bad is this the same type of situation -- you're working hard on what seems like a very valid.
You have my -- to get some more transparency.
We should be working on creating jobs may be used to be working on helping the housing market made it is this really worry what I think your energy -- Well we're we're what we're doing that is -- -- did again this is rob policy initiative and many of us -- -- because we think it's the right thing to do to the American people.
No we're still -- and many other issues of place in place in congress and we're trying to do best we can't.
But again when you've got a monetary policy in this country.
Where I didn't vote against the bailouts because all it was was mr.
Paulson missed -- an -- taking care of their friends who were greedy and made bad decisions.
So but I guess that the larger question becomes did add that one -- you know so you passes -- what what's the goal what's the end goal of this.
In in and why do we need to commit resources to something.
That now men and that's essentially -- address these mobile what's the end goal what do you hope to accomplish.
I don't think I think that democracy if we all -- -- republic whatever you'd like to call it.
I don't think we survive unless we have openness and particularly when we have an entity such as the Federal Reserve that is so -- That it can influence the monetary policy -- of this country in a negative way as -- a positive way it needs to be.
Expose it needs to have sunlight.
-- -- and it one of the things that we see -- and you know of course being part of business network is spent seven that the congress testimony -- for example of Federal Reserve Chairman Ben Bernanke happen.
It seems like quite frankly circus -- not -- to beat him.
More appropriate term it seems like sometimes a wasted time so how look how would you DOD is the information from -- as an effective way.
They kept it seems like again -- -- affects your peers or to yourself but there needs to be a real education.
By politicians on the working -- the business world before it can have the government audit.
You know a big part of it.
Again I don't want to see where it whether it be a member of congress or the tax -- Any time that you bring openness any time you bring education.
And had the heck can you explain how the Federal Reserve System works and -- people have that opportunity.
To question and they question in the half of the taxpayers of this country.
Does it matter -- they're at work.
Well the Federal Reserve in my humble opinion is an entity that's created in 1913 by Woodrow Wilson and that in itself.
Anything that was could that was created in 1913.
A hundred years a light at all will be reviewed to see if this if it's if it's outlived its they -- what do you think of the job Bernanke is doing I mean personally -- -- how would you rate is his performance to this point.
I'd give him probably a it's a plus B minus all right so what's the -- what's the negatives.
Well the negative in my humble opinion is how in the world and I heard this on you show a little bit earlier.
How in the world can this -- that the administration this government.
Say to these banks who were almost coerced to take TARP money now you can pay it back.
Admitted that whole thing up here it's really and a chaotic situation.
It -- what is it that's an interesting point -- a congress that he made a lot of -- -- points but.
It exactly that's still have a field -- -- we talk about anxiety in the marketplace and on Wall Street and how that can affect.
Investors that it there anxiety amongst your peers that you're still not getting.
The answers to questions -- name.
I think there's there's great concern that we need to have more openness and that's why again Ron Paul's foot twelve seven the -- number in.
This transparency bill I think that right now the American people.
And so it may mean many of us in congress as -- we need to see.
The truth because I would say to the day that the lord calls me I will never believe that we should -- bailed out Wall Street.
Think a lot of people agree with -- -- all right congressman thanks very much for coming on we appreciate to joining us and want counties congressman night for.
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